Multifamily in Phoenix, Arizona
The sponsors had worked with CommLoan in obtaining the bridge financing for the acquisition and the rehab for the property. The rehab was just completed, and the sponsors were unsure if they wanted to sell or refinance the property based on the current market conditions.
CommLoan was able to recapitalize resulting in $250,000+ cash back to the borrower. The sponsor able was able to get a 5-year low fixed rate with 3 years of interest only, while building in a very flexible 3-1-0-0-0 prepayment penalty.