We recently helped arrange a $900,000 cash-out refinance for a 13-family residential building in Pontiac, Michigan. The property is 100% rent stabilized, requiring a financing solution structured around its existing rental income and operating profile. The transaction closed at a competitive 6.125% interest rate with a long-term 5+5+5 structure and 30-year amortization.
Loan Highlights
- Loan Amount: $900,000
- Transaction: Cash-Out Refinance
- Property Type: 13-Family Residential Building
- Occupancy: 100% Rent Stabilized
- Location: Pontiac, Michigan
- Interest Rate: 6.125%
- Term: 5+5+5
- Amortization: 30 Years
- No Prepayment Penalty
- Non-Recourse
- No Personal Guarantee
- No Reserve Requirement
This financing allowed the property owner to access equity without accepting a prepayment penalty, personal guarantee, recourse obligation, or reserve requirement. We arrange financing for multifamily and commercial real estate properties throughout Michigan. If the goal is to refinance existing debt, obtain cash for another investment, or improve the terms of a current loan, we work to structure financing around the property and the borrower’s objectives.
Contact us to discuss financing for your multifamily or commercial property in Michigan.
