Cash out refi on 59 units built in 1880!
Two non-adjacent properties in downtown New Orleans.
5 year fixed rate loan, 20 year total term
30 year amortization
3,2,1,1,1 prepayment penalty, followed by 15 years open
RATE LOCKED AT APPLICATION
Rate resets after 5 years based on a spread over the 6 month LIBOR, and adjusts every 6 months, with no prepayment penalty
This was the refi an FHA bond financed loan. It required the defeasance of the bonds, and working through the FHA/HUD payoff procedure. Bonds have a 10 day window two times per year in which they can be paid off. If this window were to have been missed, the refi would have been delayed 6 months.
Closed by Michael Brown