Funding Purpose
Tauro was exclusively engaged to secure a loan for a cash-out refinance on a multifamily property to be used on other real estate investments.
Property Description
The multifamily property located in Corona consists of 48 units that are all classified as low income housing oversee by the Corona Housing Authority.
Sponsors
The sponsor has 30 years of real estate experience with a robust portfolio consisting of other multifamily properties as well as hospitality and retail.
Challenges
- Sponsor wanted maximum cash out to be put towards the purchase of other CRE investments.
- Getting maximum leverage for low income property.
Solutions
- Funding with a California based credit union that was able to meet the sponsor’s loan request since low income housing fits their wheelhouse.
Funding
- Loan Amount (LVT): 70%
- Interest Rate: 3.35%
- Amortization: 30 years
- Term: 10 years
- Recourse: Full
- Prepayment: 5-4-3-2-1
