Inner Circle Capital arranged a successful cash out refinance for a 12-unit multifamily property located in Thibodaux, LA. The borrower successfully secured a loan amount of $861,500. The loan term is set for 5 years with a fixed interest rate of 8.5% and an amortization schedule of 25years. The cash out transaction was completed immediately after the first year of ownership, resulting in a 100%+ LTC. The cashflow was underwritten to a 1.00x DSCR in order to maximize cash out proceeds.

One notable challenge encountered during the closing process was the difficulty in obtaining financing due to the property being on septic system rather than city sewer.

Capital Advisors: BJ Simpson and Jaideep Chadha