GSP arranged the refinance for a 16 unit apartment building in the Echo Park/Silver Lake area of Los Angeles. The Borrower approached GSP for a cash-out re-finance on an existing loan for a property they owned and managed since 2008. Their goal was to access available equity in the property while locking in today’s low coupons. Any return of equity is not a favorable request in today’s lending environment. GSP was able to negotiate terms with a lender who agreed to a maximize loan proceeds while allowing for a small return of equity to the Borrower. The resulting 4.75% rate is fixed for 5 years with a 30-year amortization schedule.
