$11.5MM Multifamily Refinance | Temple, TX
Terrydale Capital
Mar 27, 2024 3 Min read
When it comes to refinancing and maneuvering the lender space, timing and preparation are key. In these situations, it pays to have a team that is prepared to cover all bases during all phases of the transaction, and that is what Terrydale Capital did for our client. In this deal spotlight, we highlight how our team went to work for our client to secure a refinance for their multifamily asset in Temple, Texas.
What We Were Up Against
The borrower came to Terrydale Capital seeking to receive an agency execution that would allow for a cash-out and an exit to their floating rate loan. Originally, the property's cash flow didn't support a cash out option due to the current rate environment. Additionally, the property was on a trajectory to achieve a higher NOI and higher revenue. Based on the rate environment, the clients decided to move forward.
How Terrydale Rose to Meet the Challenge
Our team sprang to action immediately. Upon completing the underwriting process and obtaining optimal pricing we were able to get more cash out than the client originally asked for. Ultimately, we were able to secure the following terms:
- $11,540,000 Refinance
- 5.80% Variable Interest Rate
- 10-Year Loan Term
- 30-Year Amortization
- 60% LTV
- 3-Year IO
In Closing
When it comes to being prepared for the unexpected when investing in commercial real estate, it pays to have the right team behind you. When you need a partner to go to bat for you to ensure all of your bases are covered, the Team at Terrydale is the right choice, and now it is easier than ever to have the Team in your corner with Terrydale Live. 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.
