Funding Purpose
Tauro Capital Advisors, Inc was exclusively engaged to place a loan for the cash-out refinance of a property that was willed to the sponsor when his parents passed.
Property Description
The property is a 5-unit multifamily property located in Hayward, CA. It consists of one 4 unit building and one standalone cottage. Currently 100% leased.
Sponsors
The sponsor is a real estate investor with 10 years of experience. His portfolio consists of SFR, multifamily, and commercial units across three states.
Challenges
- Sponsor inherited the property from deceased parents, and Court and title delayed inheritance and title transfer.
- Building in need of renovations, so looking for maximum loan to value.
Solutions
- Funding secured with a major bank that was able to give the sponsor maximum proceeds for the renovations.
Funding
- Loan to Value: 70%
- Interest Rate: 3.25%
- Amortization: 30 years
- Term: 10 years
- Recourse: Non-recourse
- Prepayment: Step-down
