DEAL SPOTLIGHT

Memphis SFR Cash-Out REFI

Gregory Gali

10 June, 2021 · 3 min read

Today’s Deal Spotlight takes us to Memphis, Tennessee, where our Client was seeking a cash-out refinance of over 30 properties in their SFR Portfolio. Despite being an experienced investor with many local bank connections, the non-recourse nature of the intended product was unfamiliar territory. Team TDC stepped in to close the gaps. 

What We Were Up Against

Throughout the process, we encountered several major issues:

  • Due to rapid growth and involvement in larger deals, the Borrower had a recourse balance sheet, making it difficult to source additional capital
  • COVID-19 restrictions made critical third-party site visits unfeasible 
  • Following appraisals, there was potential proceed-loss due to blanket valuation

What Our Team Helped Turn Around

The TDC team was able to go above and beyond, using detailed underwriting and managed communication to ensure all parties had a solid grasp on the structures and processes, and putting together an alternative pricing structure that yielded fantastic leverage. We closed on the following terms with limited balance sheet exposure and portfolio consolidation:

  • $3,640,000 Cash-Out Refinance
  • 5% Rate
  • 10-Year Loan Term
  • 75% LTV
  • 30-Year Amortization
  • Non-Recourse

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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