DEAL SPOTLIGHT
Double Loan Multi-Family Acquisition | Dallas, Texas
Terrydale Capital
June 2, 2022 · 2 min read
Today’s Deal Spotlight centers on the acquisition of a multi-family real estate asset in Dallas, Texas. Because one property was a 4-unit complex that did not qualify as multifamily, this deal needed two separate lenders and a team who could coordinate both processes seamlessly.
What We Were Up Against
Despite the seller being unable to close until May, our client’s letter of intent had been out since January. The seller also wanted one deal closed at a time that did not align with the lender’s. Some relevant records were incomplete or non-existent due to the quality of electronic documentation.
What Our Team Helped Turn Around
We met with our client face-to-face to put together the information for the lender templates. The team then reached out to a bank and local credit union to coordinate the loan processes, and got a 45-day close extension from the agency in line with the seller’s request. Despite challenges, Terrydale closed successfully on the following terms:
- $5,164,000 in Total Funding from 1 Credit Union and 1 Agency
- 3.95% (Credit Union) and 3.58% (Agency) Fixed Interest Rate
- 5-Year Loan Term
- 30-Year Amortization
- 60% LTV
- 1031x Closed
In Closing
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.
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