$1.6M Townhome Refinance | Dallas, TX
2nd February 2023 · 3 min read
Today’s Deal Spotlight centers around the refinance of a townhome property in the Highland Park, TX. Continue reading to discover how our team overcame challenges such as missing documentation and unclear borrower expectations to secure a successful closing.
What We Were Up Against
The borrowers approached Terrydale Capital with the goal of refinancing their two loans into one, but the road to achieving this objective was far from smooth. Upon their arrival, our team was met with a major obstacle – the borrowers had none of the required financial documents needed to move forward with the deal. This lack of documentation made the task at hand even more challenging, especially since the borrowers were looking to refinance less than a year after signing the second set of loan documents.
What Our Team Helped Turn Around
The multi-family team sprang into action, tracking down lease agreements, updating dated financials, and gathering entity documents to demonstrate that the borrower was in good standing. Despite the initial lack of documentation, the team was able to present additional creative loan structures to the borrower, helping them understand the best course of action for their unique situation.
In the end, refinancing one loan instead of two was the clear winner for the borrower. With everyone on the same page, the team was able to close the deal in under 30 days, with the following terms that left the borrower better off than before they came to Terrydale Capital:
- $1,680,480 Loan Amount
- 6.59% Fixed Interest Rate
- 10-Year Term
- Interest Only
- 50% LTV
- Closed in under 30 Days
At Terrydale Capital, we don’t just provide financing solutions for our clients, we empower them. Our industry-leading expertise and commitment to our clients has earned us the reputation as their number one partner and advocate. Whether your deal is big or small, simple or complex, we’ve got you covered. And that’s not all – we give our investors the tools they need to make informed decisions and achieve success in the commercial real estate market. So if you’re looking to explore the best financing structures available for your active deals, look no further! Click the link below to learn more.
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