Apartment Building Loan – Cash Out

This client came to us needing $1,000,000 apartment building loan cash out against (8) 4 unit non-contiguous properties and (1) 12 unit apartment building with 24 developed lots, a total of 44 multi-family units and 24 developed lots in South Carolina. They had $3,000,000 in assets, with great primary income outside of the properties. The properties were just starting to show the ability to stand on their own, but only had history of 1.25 or better in DSCR for the past year…maybe.
We ended up supplying a $1,200,000 apartment mortgages against all the assets. The valuation came in north of $3,000,000 for everything.
At Commercial Capital we pride ourselves on closings, not on quoting rates and not on the number of submissions! We are not here for app fees like some of our competition, we work hard to get your loan closed. Take your first step toward closing by giving Commercial Capital a call today at 866-400-8630!
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Here’s A Little Bit About Me. 20+ years in the finance industry, I rose to the level of Assistant V.P. with Chase Manhattan. While working for Chase, I decided that I wanted to have residual income without having to quit my job. I bought my first apartment building in 1996, three days before my wedding. In 2001, I decided I would leave the corporate world and work for myself in a net branch environment. My passions are helping people get commercial mortgage loans. I also am passionate about investing, working out and being with my family and friends.