Funding Purpose
Refinance high interest rate $8 Million loan with superior terms and maximize cash-out, allowing sponsor to take advantage of market opportunities.
Property Description
Fractured condominium property that Sponsor controls HOA.
Sponsors
Experienced real estate investor who is seeking to expand his portfolio and create long term solutions for his capital needs.
Challenges
- Fractured Condominium
- Cash out during COVID environment
- Securing low-cost long-term debt
- Non-Recourse request at high LTV
Solutions
- Worked with lender who had the knowledge and the experience in this product type
- Client received $1 Million cash
- 12 –year term, fixed interest rate
Funding
- Loan Amount (LTV) $9.05 Million / 75%
- Interest Rate 3.18%
- Term 12 Years
- Recourse Non Recourse
- Authorization 30 Years
