• (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610
  • (800) 510-2214
  • info@albcommercialcapital.com
  • Cal BRE License #01379610

14 Units Multifamily

Another Successful Funded Loan

  • $2,650,000
  • 3 Year Fixed @ 6.520%
  • C/O Refinance - 50% LTV
  • 14 Units
  • Multifamily Property
  • Santa Barbara, CA

ASSIGNMENT:

A past client approached us interested in refinancing this apartment building. The current loan was soon to roll out of the fixed term and the prepay period had already burned off. The assignment was to obtain the best rate and maximum cash out for another investment property loan.

CHALLENGE:

The client was only interested in short term fixed loans that were 30 year amortized and with 30 year terms and that had short prepay periods.  Naturally, we were able to deliver the goods and with competitive rate & terms, however if they would have been open to fixed interest rate loans that had 10 year terms or even balloon payments, we could have obtained a better rate and more cash-out.   The lenders process was extremely slow and a last minute seismic hurdle had to be dealt with on an exterior chimney structure, other than that it was all good.

SOLUTION:

We gave them what they wanted and managed the process from cradle to grave. Now we have started working on their new purchase.