Another Dallas Cash-Out Refinance
Today’s deal spotlight looks at the cash-out refinance of a multi-family property in Dallas. This particular repeat client has been very active with Team TDC, and we’ve closed several loans on their behalf this year.
What We Were Up Against
The primary purpose of this deal was the refinancing of a Freddie loan into a new one. The closing date needed to be set in stone due to the Yield Maintenance calculation, which made ordering the loan payoff challenging. Our client also wanted maximum cash-out and a competitive low 3.00%s interest rate despite DSCR constraints on the loan amount.
What Our Team Helped Turn Around
By maintaining constant communication with the existing lender regarding the timeline for the loan payoff, we avoided the high fees associated with multiple orders. Our team was also able to negotiate for higher loan dollars than at application, an interest rate in low 3.00%, and one-year IO, successfully closing on the following terms:
- A $1,545,000 Cash-Out Refinance
- 3.1% Fixed Interest Rate
- 5-Year Loan Term
- 30-year amortization
- 1-Year Interest-Only
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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