Michigan Industrial Refinance
16 June, 2022 · 4 min read
Today’s Deal Spotlight takes us to Lapeer, Michigan, where we facilitated the refinance of an Industrial property asset. Despite the rising rate environment and other conditions, our client was looking for a rate in the low 4s, and a firm with a track record of delivering solid terms. Naturally, they chose TDC.
What We Were Up Against
This was an older building with Recognized Environmental Concerns (RECs) in its Phase 1 and 2 environmental reports. In addition to a low rate, our client also wanted a 25-year amortization.
What Our Team Helped Turn Around
Team TDC quickly rate-locked the deal at 4.25% right before a FED raise, negotiated the remaining economic life on the appraisal to fit the lender’s policy, and arranged a policy exception to get 75% leverage. After researching Michigan laws to get an approval on the environmental reports, we closed successfully on the following terms:
- A $1,032,000 Refinance
- 4.25% Fixed Interest Rate
- 5-Year Loan Term
- 25-Year Amortization
- 62% LTV
The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Whether your deal is a standard acquisition, a complicated beast requiring extra negotiation and managed communication, or something in-between, we have ways to help. Give us a call now to see what we can do for you.
Want first access to active opportunities and a preferred investor status? Check out www.terrydalelive.com.
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