How We Closed a $4.4M Multifamily Refinance in 45 Days With No Seasoning — Birmingham, AL

Location: Birmingham AL

Loan Amount: $4,400,000

Challenge

Our client was looking to commercial refinance their portfolio of multi-family properties, but was unable to secure permanent financing because of the given reasons below:

1. Recently bought one of the properties below market and was not able to obtain financing based on the current “AS IS” value, but only based on the purchase price.
2. The client wanted to refinance based on the current “AS IS” value and not wait the 12-24 months that typical commercial lenders require.

So, Why Private Capital Investors?

We are a niche lender/placement advisor and have many niche programs that are available that most lenders do not offer, so we were able to provide a commercial loan option that has no seasoning requirements.

How do we tackle the Challenge?

Since we are one of the few companies that have options for borrowers to refinance without waiting the 12-24 months of seasoning, we were able to place this portfolio on this program and get the funding that the borrower needed.

Outcome

We were successful in securing the financing for our client within 90 days from start to finish.

Given below are the highlights of our success

1. We secured the loan within 45 days
2. Customer service was outstanding
3. We were able to secure a more attractive rate of 7.5% with a 5-year fixed-rate, interest-only, and also obtain a non-recourse loan. This loan took the borrower from a 15% loan down to a 7.5% loan, therefore making the property cash flow a lot better.

Testimonials

We have had many lenders not wanting to lend in Birmingham, AL, because it was not considered a top MSA area, and they also did not like that our tenants are typical workforce housing tenants.

We have been searching for a lender that could take up our 15% loan for the last 6 months.

We were referred to Private Capital Investors from our lender, and upon speaking to the CEO, Keith Thomas, we were able to get the process started.

We were somewhat skeptical at first because we had heard many others promising to be able to help, but I must say, Keith made us feel as though we would not have an issue getting this loan funded.

I must say, today we closed, and I could not have been happier with our experience with Private Capital Investors.