Merrillville Mixed Use Refi
StackSource worked with a repeat client to refinance a mixed use commercial property located in Merrillville, IN. The property features 16 total units of which 9 are residential and 7 are commercial. The sponsor acquired the property in December 2020 and injected over $250,000 to update several residential and commercial units and bump rents. The sponsor more than doubled the value of the property and was seeking a cash out refinance to recoup equity and redeploy into the subject property and other projects.
StackSource Director Chris Peters was able to arrange financing from a private lender that provided a 70% LTV cash out refinance with a 9.75% interest rate fixed for 30 years.