Troy Portfolio Refinance
StackSource recently arranged a cash out refinance for a New York based investor that had recently acquired two residential investment properties for cash. The subject properties were part of a larger portfolio and consists of both market rate and student tenants. The investor plans to hold the properties long term and make improvements and bump rents as units turn.
Chris Peters, Director of Inbound Originations, was able to arrange the refinance with a local credit union that provided an 80% cash out based on the current appraised value vs the purchase price, allowing the investor to pull all of their cash out of the property in less than 12 months. The loan was structured as a 10-year term with a 5-year fixed rate at 7.17%, a 30-year amortization and no prepayment penalty.