24-Unit Multi-Family Refinance In Dallas
01 September, 2021 · 2 min read
Today’s deal spotlight looks at the refinance of a 24-unit multi-family asset here in Dallas. Despite being a great property in an up-and-coming area, its lack of historical operating data prior to this year posed a big challenge when trying to find a Lender.
What We Were Up Against
Purchased in January of 2021 with favorable Seller financing terms due in June of the same year, the property had no record of income or expenses prior to that period. While it was around 80% occupied at the time of the application, this raised some flags.
What Our Team Helped Turn Around
In typical fashion, Team TDC went on the ground, meeting the Appraiser on-site and providing relevant data and pro forma that turned a favorable valuation despite the Appraiser’s lack of familiarity with the market. We also located a Lender willing to work with us and closed within thirty days on the following competitive terms:
- A $1,575,000 Refinance
- 5.39% Fixed Interest Rate
- 5-Year Loan Term
- 30-Year Amortization
- 75% LTV
The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.
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