$1.3MM Multifamily Refinance | Baltimore, MD
Terrydale Capital
Jul 18, 2024 3 Min read
In the Commercial Real Estate industry, the market can be the ultimate determinant of how deals can shake out. In today’s deal spotlight, we dive into the $1,325,000 refinance of a Multifamily asset in Baltimore, Maryland where a rather straightforward deal was only hindered by the current market conditions. Despite this, our team was able to successfully close.
Challenges We Faced
Our client came to Terrydale Capital in order to refinance their multifamily asset. Compared to many deals in the market, this deal came with fairly straightforward challenges needing navigation. The appraisal came in lower than anticipated, which is par for the course in the current market for many properties. Additionally, we were taking out a private money loan that had already matured.
How We Met Those Challenges
Led by Max Laitner, we were able to satisfy the private money lender through good open communication despite the note being past due. We were able to secure a stabilized bridge deal with no prepayment penalty. Ultimately, we were successfully able to secure the following terms:
- $1,325,000 Refinance
- 10.25% Fixed Interest Rate
- 1-Year Loan Term
- Interest Only
- 75% LTV
- No Exit Fee
In Conclusion
At Terrydale Capital, we understand that sometimes the biggest challenges facing a deal can be the conditions of the market itself. However, despite the doom and gloom that may be surrounding the market, there are ways to successfully navigate it with the right team. When you need a partner ready to go to bat for you and ensure your investment success, look no further than Terrydale Capital. Contact us today.
Partner With Terrydale Capital for Your Debt Financing Needs
When it comes to debt financing, understanding the right timing, process, and options is crucial. At Terrydale Capital, we provide a comprehensive range of commercial loan solutions tailored to meet your business's unique needs.
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Headquartered in Dallas, Texas, Terrydale Capital is a leader in commercial real estate financing. We have close relationships with the nation’s top banks, lenders & family offices allowing us to provide the most competitive financing solutions in the market.
