$6,500,000 – 25 year, fixed rate, self liquidating loan, rate locked 6 months prior to closing, Fort Lauderdale, FL
Cash-Out Permanent Loan
3.50% fixed rate
25-Year Term with 25-year amortization
Rate Locked at Application (July 2021 for closing 6 months later)
YM for 12 years followed by step-down
Life Insurance Company execution
DETAILS:
Sponsor was concerned about where rates were going and wanted to lock in prior to the pre-payment window opening on the existing agency loan on the property. The goal was to never have to refinance again and to payoff the property at very low fixed rate with matching term amortization. Banyan was able to secure several competitive life company quotes with varying rates and terms.
Dan Bockstoce – db@banyancc.com
Michael Brown – mb@banyancc.com
