Melrose Park Apartments

Oklahoma City
,
OK
Cash-out, 75% LTV, 30 year amortization
Three angular two-story brick apartment buildings lining a road.
Amount: $
650000
Interest Rate: 
5.38
%

StackSourced arranged the cash-out refinance for a 20 unit multifamily property in the Greenvale neighborhood of Oklahoma City. The California-based sponsor has owned the asset for two years, during which time he oversaw renovations to add value for the tenant base. After failing to secure commercial financing with multiple banks due to the cash out loan request, the sponsor approached StackSource for financing options, and ultimately closed with a lender able to provide high leverage at a 30 year amortization with sufficient a six figure cash out, and an interest-only period to maximize the sponsor's cash flow.

Charitable Cause supported by 1% of StackSource's revenue on this transaction:
Habitat for Humanity of Greater Newark