Inner Circle Capital Advisors arranged a successful cash out refinance for a 72-unit multifamily property located in Leavenworth, KS. The borrower successfully secured a loan amount of $4,235,000. The loan term is set for 7 years with a fixed interest rate of 6.15% and an amortization schedule of 30 years. The cash out transaction was completed immediately after the first year of ownership, resulting in a 90%+ LTC.
The loan application was started immediately as the property was stabilized (90%+ occupancy). The lender was able to push proceeds up (from $4,096,000 to $4,235,000) during the due diligence and application phase. This was due to the sponsors being able to continuously improve the monthly financials while under application and review.
Sponsors had raised capital from investors for this deal. The quick cash out turnaround helped return investor equity within 16 months, boosting the projected IRR as well outperforming their projections.
Capital Advisors: Jaideep Chadha
