Creative Refinance in Waco, TX
20 May, 2021 · 3 min read
Today’s deal spotlight takes us to a multi-family property in Waco, Texas. Like many others, Waco’s real estate market was negatively impacted by COVID, which affected the borrower’s ability to finance the property on the initial purchase. Once the property was brought back to a stabilized income position, the TDC team was able to carve a path to a successful refinance.
What We Were Up Against
As discussions were ongoing on the refinance, Waco was deemed a pre-review market along with a sharp increase in treasuries & insurance premiums. The combination of a seller carry option, market conditions and 3rd party pricing pushed the team to get creative in order to be successful on this transaction. We were able to utilize a low leverage option to avoid any seasoning requirements, identified a competitive insurance premium & got interest only approved to off-set the spike in treasuries.
What Our Team Helped Turn Around
Despite market conditions, Team TDC stayed on target, locking in a competitive insurance policy that immediately boosted leverage. Our Client’s real estate history and business experience further boosted Lender confidence, leading to the successful negotiation of a Fannie Mae refinance on the following terms:
- $1,750,000 Refinance Amount
- 4.25% Fixed Rate
- 10-Year Loan Term
- 3 Years Interest Only
- 30-Year Amortization with 65% LTC
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.
Your Success is our Priority!
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