Today's spotlight centers on the successful cash-out refinance of a multi-family property in Garland, Texas. Terrydale Capital originally arranged the acquisition financing back in Spring 2020 and was able to refinance this property for the Client a year and a half later. TDC was able to get the Borrower cash out proceeds to be used towards future real estate investment properties.
What We Were Up Against
The property experienced slight occupancy fluctuations due to COVID. In addition, the Client had a tax lien issue that had to be resolved prior to closing.
What Our Team Helped Turn Around
The property, the Client's first multi-family investment, has been self-managed since it was purchased. TDC successfully pushed for the appropriate waivers necessary for the Client to continue to self-manage the property despite having less than two-years of multi-family property management experience and obtain a Non-Recourse loan. TDC overcame the tax lien issue and was able to get the client cash back at closing with the following terms:
- $1,267,000 Loan Amount
- 3.81% Fixed Rate for 5-Years
- 20-Year Term
- 30-Year Amortization Following 1-Year IO
The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.
Your Success is our Priority!
Want first access to active opportunities and a preferred investor status? Check out www.terrydalelive.com.