Matt's Minute - Rennick Properties (Sunset)
Updated: Jun 3, 2022
For today's #MattsMinute we’re going to talk about the recent closing of Rennick Properties - Sunset.
Hello everyone, welcome to Matt’s Minute. Today we’re talking about the closing of Rennick Properties Sunset, a 30-unit multifamily project in Henderson, Nevada.
The borrower was an existing client that approached us with the request for agency financing on his recently renovated apartment project.
Loan proceeds would be used to refinance the acquisition loan and pay off a line of credit used for project rehab.
Agency financing was preferred due to the ability to obtain a long-term fixed rate and extended amortization on a non-recourse basis.
Our borrower had not completed Agency financing before, and for those that have not been through the process, it can be a challenge with unexpected and constant requests for information.
We successfully walked our client through the process and were able to refinance into a non-recourse loan with a sub 4% rate, fixed for 10 years, with 3 years interest only, followed by 30-year amortization.
Please feel free to call me to discuss you small balance multifamily loan request.
#commcap #commcapadvisors #nonrecourse #agencyfinancing
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Matthew Hoyt, Senior VP
As your exclusive advisors, CommCap utilizes proprietary systems, market expertise, and years of experience to se
cure aggressive financing options that best fit your property. Exclusive correspondent and servicing relationships with Life Insurance Company, CMBS, and Agency lenders ensure a broad and in-depth representation of current market conditions. Our team of advisors craft a loan structured to enhance revenue and allow you to focus on increasing cash flow.
We do not list, sell, manage, or lease property. We only arrange financing and are the best at what we do.