2.99% fixed rate, cash-out
StackSource recently closed an 80% cash-out refinance loan for a 100% occupied, 2 building, 16-unit multifamily property located in Pinckney, MI. The property was originally acquired in December 2018 and the borrowers implemented a value add strategy by replacing roofs and furnaces, making interior/exterior upgrades and raised rents across the units. Capital Advisor Chris Peters secured financing from a bank lender that provided a 5-year fixed rate at 2.99% and a 25-year amortization and allowed the two remaining borrowers to buy out two of their equity partners.
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