DEAL SPOTLIGHT

Purchase and Renovation of a Multifamily Asset in Midlothian, Texas

Terrydale Capital

14 April, 2022 · 2 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 1031x 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
  • 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.

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