Multifamily
Refinance:
Bremerton, WA
Multifamily – 96 Units
Financing Amount: $3,300,000
Challenge:
To obtain a maximum cash out mortgage loan facility on an older multifamily conversion refinance that had previously been a motel which was badly in need of some TLC to cure the deferred maintenance issues both prior to and subsequent to funding. Additionally, there were both net worth and liquidity issues and yet the sponsor still required a best of market, 5-year, fixed-rate loan.
Solution:
Assets America® executed on a $3.3 Million, 5 year fixed rate with a 30 year amortization at a substantially lower rate than the borrower currently had along with a considerable cash out to the borrower at closing.