Multifamily in Phoenix, Arizona
The Borrower was interested in acquiring a multifamily property in Phoenix. Although the building was stabilized and produced cash-flow, the Borrower saw the potential of making some additional improvements. The Borrower needed a lender that would be able to provide not only a competitive rate, but also enough loan proceeds to cover the rehab costs.
With the help of the CUPID™ platform, CommLoan was able to find a lender that could offer a creative financing solution. CommLoan was able to procure a loan for a competitive rate of 5.5% interest only and 95% of the total project cost, which was above and beyond the Borrower’s expectations. In addition, the Borrower was able to collect the entire portion of the rehab budget without the need of having to make periodic draws.