$1,200,000 with $300,000 Cash-Out to Borrower on Orange Refinance
Brad Domenico of Progress Capital secured $1,200,000 in financing for a valued client to refinance a 6,823 SF mixed-use property comprised of 2 ground level retail units and 4 apartments. The borrower self-financed the purchase of the property for $550,000 and injected an additional $325,000 for capital improvements to reposition the asset to full market value.
Refinancing the current debt on the subject property allows the borrower to recapture $800,000 in equity on the now unencumbered property while providing an additional $300,000 cash out. Key terms of the loan include:
- 4.25% Fixed for 7 Years
- 12 Year Term
- 30 Year Amortization
- Declining Prepay
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress