Funding Purpose
Refinance out of current loan to capitalize on lower interest rates for a long term hold.
Property Description
13,000 SF building located in San Bernardino County, CA.
Sponsors
Experienced Real Estate investor.
Challenges
- Current Loan had a 1% prepay penalty.
- Environmental Company Suggested Phase 2.
Solutions
- Sourced new loan that made sense to borrower covering all fees associated with new financing and still saving money.
- Used old phase 1 and ow leverage to mitigate phase 2 recommendation.
Funding
- Loan Amount: $1,600,000
- Interest Rate: 3.37%
- Amortization: 30 years
- Term: 10 years
- Recourse: Full
- Prepayment: None
