Key Deal Terms:
Loan purpose: Refinance cash out
Property type: Mixed-use
Loan term: 5 years
Loan amount: $3,000,000
Interest-only payments: Full term, 5 years
Prepayment penalty: Open prepayment
Benefits to the borrower:
- Customized loan terms that met their specific needs
- Full-term interest-only payments to keep mortgage payments low
- An open prepayment penalty that provided flexibility to refinance if rates dropped in the future
- Cash-out to meet their financial needs
Our team recently worked with a new borrower who was seeking a refinance cash out loan for their mixed-use property located at 65 Irving Ave, Brooklyn, NY. The borrower was looking for a loan with a 5-year term, full-term interest-only, an open prepayment penalty, and a loan amount above his currrent mortgage.
Our team immediately got to work and conducted a thorough analysis of the property to ensure we provided the best possible loan terms. We recognized that the borrower was looking for a loan with full-term interest-only payments, which would help keep their mortgage payments low while providing them with the cash out they needed.
The borrower's request for an open prepayment penalty was also an important consideration. In a volatile capital market, rates can change quickly. By choosing an open prepayment penalty, the borrower would have the flexibility to refinance if rates drop in the future, providing them with cost savings and potentially increasing their cash flow.
After analyzing the property, we presented the borrower with a loan that met their needs, and they were delighted to move forward with the transaction. Throughout the process, our team worked closely with the borrower to ensure a smooth and seamless transaction.
Our team was able to complete the loan within the desired time frame, and the borrower was thrilled with the terms of the loan. The transaction was a success, and the borrower walked away with the cash-out they needed, along with a loan that provided the flexibility they desired.
In summary, we were able to provide our client with a refinance cash-out loan that met their specific requirements, including a 5-year loan term, full-term interest-only payments, an open prepayment penalty, and a loan amount of $3,000,000 at a rate of 5.9%. We were able to deliver the loan in a timely manner, and our client was satisfied with the results. Our team takes pride in our ability to analyze a property and deliver the best possible loan terms, and we look forward to assisting future borrowers in similar situations.
If you're looking for similar financing terms or want to explore financing options for your project, please email us at info@bautacapitaladvisory.com or call 212-402-5420. Our team is dedicated to providing customized loan solutions that meet your unique needs.