Summary: Continental Partners successfully arranged a $5,855,000 refinance for a 41-unit multifamily property located in South Los Angeles, CA. The Sponsor requested a fixed-rate loan to recoup vested equity in the property for a new investment opportunity. Continental Partners was able to refinance the property and get the sponsor 85% of their vested equity out within 8-month of purchasing the property.
Opportunity: Due to the minimal property ownership seasoning, most lenders would only lend up to 75% LTC. Continental Partners was able to identify lenders that would lend up to 85% LTC through reassuring the Lenders on the Sponsor’s background and market expertise in the South LA area.
Result: Continental Partners was able to get the lender to push proceeds to 85% LTC to include all associated financing costs, i.e. loan fees; holding costs; syndication fee; and closing costs. Additionally, Continental Partners helped the Sponsor recoup an additional 10% of their initially invested equity; all within 8-months of purchasing the property.