![]() The appraiser documented that the product mix was a benefit in that it created a unique and positive synergy compared to other properties in the area, while diversifying income risk from any singular market segment. A 1.20 debt coverage constraint was negotiated in our term sheet. Loan proceeds were maintained by reinforcing the desirability of the location and future value once cosmetic upgrades are completed and retail rents are rolled to market. Solution: GSP identified a portfolio lender who understood the mixed-use configuration. However, the main distinction for cash-out refinancing is. Rates and programs subject to change without notice. The multiple mixed-use combination made it difficult for the appraiser to properly value the property. Cash-out refinancing may also feature customization of the rates or terms of the mortgage loan. Specialties: Conventional Loans, Jumbo Loans, FHA Loans, VA Loans, USDA Rural Loans, First Time Home Buyers, Investment Properties, Construction Loans, Cash Out Refinances, Rate Term Refinances, Purchase Loans, Reverse Mortgages, 203k Rehab Loans, and Manufactured Home Loans. The existing loan had come due last year and extended once with no further extensions possible. Office vacancy was high with no new leasing prospects at the time of funding. Below market rents impacted the property valuation and debt coverage covenant. There is no prepayment penalty.Ĭhallenge: The property had questionable proforma revenue resulting from short-term leases with weak tenants. The five-year term was sized to 72% LTV and is fixed at 5.0% amortized over 25 years. Proceeds were used to retire the current debt that ballooned. SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score.Transaction Description: George Smith Partners arranged the no-cash-out refinance of a 91,405 square foot mixed-use multi-tenant office, retail and self-storage property located in Van Nuys, California. † To check the rates and terms you qualify for, one or more soft credit pulls will be done by Cynergy Bank Limited is a member of UK Finance and subscribes to the Standards of Lending Practice published by the Lending Standards Board which covers good. Service provider and read the information they can provide. We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or Synergy One Bridge Loan allows borrowers to use their equity from their current home as a down payment to purchase their next property We love to help support veterans with some of the easiest loan processes in the industry. Represent all financial services companies or products. SuperMoney strives to provide a wide array of offers for our users, but our offers do not (including, for example, the order in which they appear). Check out Synergy One Lendings events, learn more, or contact this organizer. This compensation may impact how and where products appear on this site Synergy One Lending is using Eventbrite to organize 1 upcoming events. Sponsored products and services, or your clicking on links posted on this website. The owner of this website may be compensated in exchange for featured placement of certain is an independent, advertising-supported service. This editorial content is not provided by any financial institution. Their use does not signify or suggest the endorsement,Īffiliation, or sponsorship, of or by SuperMoney or them of us.Īny opinions, analyses, reviews or recommendations expressed here are those of the author’s alone,Īnd have not been reviewed, approved or otherwise endorsed by any financial institution. *SuperMoney is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc.Īll products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. ![]()
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