$1,600,000 Interest Only, Non-Recourse Refinance

Transaction Description:  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.