Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place a loan for the cash-out refinance of a 21-unit multifamily property.
Property Description
Recently built in 2021, this property consists of 21 2-bed units. There are 44,506 residents located within a 3-mile radius with a median household income $46,504.
Sponsors
The sponsor contributed a large sum towards the purchase of the asset and is seeking a cash-out refinance for the property.
Challenges
- Borrower had no income other than subject properties income or tax returns from last 3 years.
Solutions
- Strong relationship with a local bank that Tauro has closed several transactions with in the past year, so they were able to make the exception.
Funding
- Loan to Value: 75%
- Interest Rate: 4.5%
- Amortization: 30 years
- Term: 7 years
- Prepayment: Step-down
