Apartment Refinance Los Angeles

Apartment Refinance Los Angeles

 

$2,250,000 refinance for an approximate 12 unit apartment complex in Los Angeles, built in the 1940s.  The borrower was seeking a max-leverage refinance to payoff the existing first mortgage as well as some delinquent property taxes.  Many lenders would not consider this transaction as a result of the delinquent real estate property taxes.

Commercial Mortgage Broker Financial Compound agreed with the borrower’s reasons for becoming delinquent on its property taxes and articulated the borrower’s rationale successfully to our lender.  The borrower was also looking for a loan that featured a flexible prepayment penalty should he wish to redevelop the site in the future.  Financial Compound was able to procure a loan with no prepayment penalty, and 75% LTV with a debt cover ratio of 1.15x. This loan was written as a 5-year floating rate loan at 5% with a 30-year amortization and included 0.5% lender fee.  Closing costs were approximately $7,500.

For cutting edge apartment financing $5 million and up please contact us at: 310-260-5900 x103.

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