Executive Inn Apts. Perm Loan
30 Year Amortization, 3 Year Fixed, No Prepayment Penalty
StackSource arranged financing for a cash-out refinance of a 26-unit multifamily located in Pocatello, Idaho. The Sponsors acquired the property one year previously using a 12-month bridge loan. The maturing needed to be taken out and the Sponsors wanted to pull as much equity out of the deal after successful execution of their value-add business plan. Director Paul Winterowd was able to secure a lender that would look beyond Loan To Cost constraints to facilitate this cash-out scenario. Loan Terms included a 30-year amortization, recourse, 3-year fixed rate at 5.38%, and no prepayment penalty.