| Transaction Description: |
| $1,600,000 Interest Only, Non-Recourse Refinance Marc Schillinger successfully placed the rate & term refinance of a 14 unit apartment building in Santa Barbara, California. As the borrower's current debt was facing a balloon date, the borrower required a non-recourse, interest only loan to pay off his current mortgage. Sensitive to interest rate fluctuations, the borrower also required an early rate lock. The loan was rate-locked for 90 days at application and is interest only for five years before rolling into a 30 year amortization schedule. |
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| Rate: 5.30% |
| Term: 5 years |
| Amort: Interest Only |
| LTV: 63% |
| Non-recourse |
| Lender Fee: Par |
| Broker: Marc Schillinger |
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