Funding Purpose
Tauro Capital Advisors was engaged on an exclusive basis to place debt on 88 units with cash out for the sponsor’s other investments.
Property Description
Located in San Bernardino, this is a garden-style 88-unit apartment building.
Sponsors
Repeat customer that we’ve closed multiple deals for this year. He was looking for cash-out and a cheaper interest rate.
Challenges
- Significant cash-out
- Lower income neighborhood
Solutions
- Repeat customer where we established a relationship between him and a lender
Funding
- Interest Rate: 3.25%
- Amortization: 30-year
- Term: 5-year
- Prepayment: Step-down
