Funding Purpose
Tauro Capital Advisors, Inc. was engaged on an exclusive basis to place debt on the refinance and cash out of 2 multifamily properties.
Property Description
The two assets are both located on the same street in Fullerton, CA. They are extremely similar consisting of 6 units across 4,500 square feet each.
Sponsors
The sponsors inherited a real estate portfolio from their father who began investing in real estate after selling his business.
Challenges
- The sponsors didn’t know much about investing, and the properties weren’t being professionally managed.
Solutions
- Funding secured with an international bank that was able to give the sponsors good terms.
- Tauro was able to act as a mentor.
- The sponsors found a property manager.
Funding
- Loan to Value: 65%
- Interest Rate: 4.25%
- Amortization: 30 years
- Term: 10 years
- Recourse: Carve-outs
- Prepayment: Step-down
