Cash-Out Refinance for 7-Unit Multifamily Property; North Hollywood, CA

  • Rate: 4.30%
  • Term: 7 Years Fixed, 30 Year Term
  • LTV: 65%
  • Amortization: 30 Years
  • Prepayment Penalty: 3, 2, 2, 1, 1 with nothing after the 5th year
  • Lender Fee: None

Transaction Description:

George Smith Partners successfully arranged a cash-out permanent refinance of a 7-unit multifamily property in North Hollywood, California. Loan proceeds were used to pay off the existing variable, higher interest rate loan and allow the Sponsor to obtain a lower interest, fixed rate loan. The equity also allowed the Sponsor to complete upgrades to the Property including roofing, flooring and various other deferred maintenance. GSP targeted a capital provider who is active in the multifamily segment and could maximize loan proceeds for the Sponsor in order to finish the Property upgrades.

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