Purchase and Renovation of a Multifamily Asset in Midlothian, Texas
Terrydale Capital
Apr 14, 2022 3 Min read
Today’s deal spotlight centers on the purchase and renovation of a multifamily asset in Midlothian, Texas. Sometimes it’s not just the asks that make a deal tricky, but consistent market changes & fluctuations that make each deal its own challenge. However, Team TDC always works to get you the best possible terms.
What We Were Up Against
The borrower was on a 1031 exchange with limited flexibility on timing, and reluctant to rock the boat by looking outside their circle of long-term relationships with several banks and lenders. Additionally, the underwriting of the loan request was compressed due to the limited income on the as-is financials of the property.
What Our Team Helped Turn Around
We kicked things off by negotiating a more flexible prepayment structure with the Lender and did not move forward until this was successful. Once this was in the pipeline, our experts provided hands-on, high-touch communication to keep everyone on task and on schedule and closed within the PSA timeframe on the following terms:
- 75% LTV based on $16,200,000 Purchase and $1,100,000 Renovation
- 3.65% Interest Rate
- 5-Year Loan Term
- 25-Year Amortization with 75% LTC
- Performance-Based Burn-off Recourse
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 negotiation and managed communication, or something in-between, we have ways to help. Give us a call right 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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Headquartered in Dallas, Texas, Terrydale Capital is a leader in commercial real estate financing. We have close relationships with the nation’s top banks, lenders & family offices allowing us to provide the most competitive financing solutions in the market.
