$1M Multi-Family Acquisition in Irving, Texas

Today’s Deal Spotlight takes us to Irving, Texas, and centers on the $996,000 acquisition of a multi-family property. As the deal progressed, additional paperwork became necessary for the final push towards closing. Team TDC was on hand to ensure this wouldn’t affect the original timeline.

What We Were Up Against

Because of the thoroughness of the lender’s requirements, our clients had to prepare and submit more documentation than they were accustomed to. For their conversion of the leasing office into an additional unit, a detailed floor plan had to be submitted. Their Cap-ex budget also had to be refined prior to approval.

What Our Team Helped Turn Around

Our in-house experts immediately got to work coordinating a floor plan with minimal turnaround time, while our main team went on-site with the client to get the full scope of the capital improvements and how best to allocate funds. Through our combined efforts and managed communication, we closed with zero delays on the following terms:

• A $996,000 Loan Amount
  
• 30-Day Secured Overnight Financing Rate (SOFR) + 7%
  
• 12-Month Term
• Interest Only

In Closing

When it comes to commercial real estate financing, Terrydale Capital is the number one partner and advocate an investor can have on their side. We prioritize competitive terms and client success regardless of deal size and complexity and elevate the resources and decision-making processes available to new and experienced investors.

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