10 Years Interest Only Cash out refi on 59 units built in 1880!
Two non-adjacent properties in downtown New Orleans.
10 year fixed rate loan, 20 year total term
10 years of interest only followed by 30 year amortization
Step-down Prepayment Penalty
RATE LOCKED AT APPLICATION
This was a refinance of a loan we had closed 4 years ago. The new loan included significant cash out, a lower rate, and full term interest only resulting in a lower payment than the previous loan. Ownership and management have done a tremendous job maintaining this property and its very reliable cash flow. Tenants are treated as family, and retention is extremely high, which contributed greatly to the underwriting of the real estate and ownership.
Closed by Michael Brown