Hickory Place Refinance
3.09% fixed rate, no prepayment penalty
StackSource recently arranged financing for a 4-building, 8-unit condo rental portfolio in South Lyon, MI. The sponsors have owned the properties for 15+ years and have renovated the units over the years while keeping occupancy near 100%. The sponsors had individual residential mortgages with several lenders on each unit and wanted to consolidate the loans with one lender and take advantage of the current low interest rate environment. StackSource Capital Advisor Chris Peters was able to secure a 5-year fixed rate mortgage at 3.09% with a 25-year amortization from a regional bank lender that charged a flat $1,000 lender fee and no prepayment penalty if the loan is paid down with cash or the property is sold.
No items found.