Central Apartments

Detroit
,
MI
80% LTV Cash-out
Amount: $
544000
Interest Rate: 
3.75
%

StackSource recently arranged financing for a 7,800 SF 10 unit multifamily apartment building in Detroit.  The sponsor acquired the property in 2019 and fully renovated the exterior and interior including new boiler, asbestos abatement, boiler piping, new high efficiency hot water tanks, PEX and PVC plumbing, electrical panels, switches and rewired outlets, kitchen upgrades, drywall repair, new basement concrete slab and much more.  Capital Advisor Chris Peters arranged financing with a local credit union lender that provided an 80% LTV cash out refinance with a 10-year term, 5-year fixed rate at 3.75% and a 20-year amortization schedule.

Charitable Cause supported by 1% of StackSource's revenue on this transaction: