Ameet Chagan placed the cash-out refinance of a 9 unit multifamily asset with a portfolio lender. The rate was locked during application, just prior to a huge bond movement. The 7 year fixed term was locked at 4.16% and amortizes over 30 years. The loan will float at LIBOR plus 2.25% and self-liquidate over the remaining 23 years of the term. The Sponsor occupies the largest unit with the bulk of the rental income from this unit, treated as a market-rate rental. This loan was funded within 30 days of application.
