$14,370,000 Refinance Nets | $3,500,000 Cash Out
At Progress Capital, we love to see our clients grow!
Here’s one example of how we worked with one client’s multi-family portfolio over the past five years…
Client was referred to Progress Capital seeking to refinance eight multi-family properties, comprised of over 100 apartments. Kathy Anderson and her team arranged an $8,677,500 loan, 4.95%, 10 year fixed, 30 year amortization, non-recourse.
Three years later, the client identified additional multi-family properties to purchase. Progress refinanced the portfolio with another lender for $10,750,000 based on increased cash flow and property values; lowered the interest rate to 2.99%, non-recourse, five year term with a 30 year amortization; Totaling a cash out of over $2,000,000 to expand portfolio.
Two years after that, the $10,750,000 loan was refinanced with the same lender who waived a $300,000 prepayment penalty at the same rates and terms; 2.99%, non-recourse, five year term and 30 year amortization. The new loan amount of $14,370,000 nets the client an additional $3,500,000 to funnel back into additional commercial real estate acquisitions.
Progress Capital regularly analyzes their clients’ portfolios and provides advice on whether it makes economic sense to refinance at current low interest rates to ensure the bottom line for years to come. With interest rates at record lows, it is important for all commercial real estate owners to review their rate exposure before the next uptick.
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