Bernard Av Refi
80% LTV, 10-Year Fixed, 20-Year Amortization
StackSource recently arranged financing for the acquisition of an eight-unit fully stabilized multifamily located in Cleveland, Ohio. The sponsor purchased the property with cash and Capital Advisor Jaideep Chadha was able to refinance with no seasoning period. The T-12 was not as strong as the proforma because the seller made improvements to the property and immediately sold, but Jaideep was able to use the current rent roll to qualify the deal without focusing on T-12. Jaideep secured the senior debt for this out-of-state borrower with terms of a 80% LTV at a 5.35% rate, 10-year fixed, 20-year amortization, and no lender origination fee.