2015 WALNUT STREET, PHILADELPHIA, PA

Details

Loan type: Permanent Refinance
Loan: $990,000

This refinance of an eight-unit apartment building with ground floor retail space was underwritten at 75% loan-to-value and a rate of 5.25%, with a five-year term and 25-year amortization. The loan provided the borrower with “cash-out” proceeds despite the fact that the he was unable to identify a lender that would lend an amount sufficient to pay off the existing debt when he tried to refinance on a direct basis.

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