Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the refinance/cash-out of a multifamily property in Eagle Rock.
Property Description
The property consists of 14 units over 11,760 SqFt. It was built in the 1950s and sits on 3/4 acre lot. The location has an array of high quality restaurant and retail locations.
Sponsors
The sponsors are both experienced real estate professionals with over 40 years of experience. They intend to hold the property as an income source throughout retirement.
Challenges
- Although a diligent management team has been consistent with the building’s operations, there is still some deferred maintenance.
Solutions
- Funding secured through a smaller, California based lenders that used the couple’s experience to fund a loan with great terms allowing them to do some small renovations.
Funding
- Loan Amount (LTV): 55%
- Interest Rate: 3.79%
- Amortization: 30 years
- Term: 20 years
- Recourse: Non Recourse
- Prepayment: Yield Maintenance
