$1.1MM Cash Out Refinance and Consolidation
The borrower wanted to take advantage of current low interest rates by refinancing a high interest apartment loan. We were able to determine that we could also consolidate two loans, one from an adjoining parcel that is zoned residential, by combining it with the requested apartment loan. By doing so we were able to increase the total loan to over $1MM and maintain a loan to value below 65% and therefore offering a discount in rate to the borrower.
“Both my Financial Planner and Residential Mortgage Broker referred me to Matthew to lower payments on an apartment loan that I had. Matthew was able to deliver much more by consolidating the loans on two separate but adjoining parcels, one of which was a 4 unit building with a residential loan on it, the other a 6 unit apartment building, into a single, commercial apartment loan that also provided cash out at just 3.5%. I was very pleased with his diligence and follow through, especially with overseeing a few title and entity changes that had to be made prior to closing. I would highly recommend a consultation with him to see what he can do for you on your commercial loans!”