Montgomery Road Refinance
StackSource arranged a $1.97mm cash-out refinance of a 22-unit multifamily property in Cincinnati, OH. Since acquiring the property mid-2017, the out-of-state sponsor has invested over $1.1mm in capital improvements for lease-up to quality tenants. The property has since been fully occupied and stabilized.
StackSource Capital Advisor Jaideep Chadha secured the 75% loan to value cash-out refinance through the Freddie Mac Small Balance Loan program and the sponsor was able to obtain $381,000+ in cash-out proceeds. Rate for the 7-year term non-recourse loan is fixed at 3.86%, with interest-only period at 2 years, and a 30-year amortization. Jaideep was able to coordinate a smooth and on-time closing.