After 15 years of operating a multifamily property, a guarantor came to us inquiring about refinancing a hard-money loan. The subject property had favorable equity supported by good property cash flow and was located in a strong rental market. However, even with these positive factors, other traditional lenders declined this loan due to the borrower having recent personal financial difficulties and other credit issues.
APARTMENT BANK LENDING SOLUTION
At Apartment Bank, our personalized lending approach allowed us to look beyond the challenges of the guarantor and focus on the mitigating circumstances. With a desirable rental market, a strong DSCR and low LTV, we felt comfortable approving the refinance of this property, thus eliminating the high rate hard money loan. The guarantor was able to secure a loan that significantly lowered the monthly payments and improved the multifamily property’s overall net cash flow.
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