Loan Type:Cash-Out Refinance
Real Property Capital Inc. (RPC) recently closed a $1,650,000 “cash out” refinance on a 14,400 SF medical office complex located in Aston, PA. The mortgage was written as a five-year loan with a 25-year amortization and a fixed interest rate of 4.30%. The loan was underwritten at 70% loan-to-value.
The sponsors of the transaction have very little real estate experience and this property is their only investment property. Despite their lack of experience and limited financial resources, the client has a great asset in the property and sought to pull out some cash as most of their wealth was tied up in the property. RPC was able to leverage its broad network of capital sources and identify a lender with whom RPC has a strong long standing relationship. Due to the on-going relationship between RPC and the lender and RPC’s reputation of presenting high quality transactions in the past, the lender was comfortable with the “cash out” element and provided financing at excellent terms.