More Recent Closings
$1.2M Multi-Family Cash Out
This client came to us needing $1,000,000 cash out against (8) 4 unit non-contiguous properties and (1) 12 unit apartment building with 24 developed lots, a total of 44 multi-family units and 24 developed lots in South Carolina. They had $3,000,000 in assets, with great primary income outside of the properties. The properties were just starting to show the ability to stand on their own, but only had history of 1.25 or better in DSCR for the past year…maybe.
We ended up supplying a $1,200,000 loan against all the assets at 6.5% on a 5 year fixed with a 25 year amortization. The valuation came in north of $3,000,000 for everything.
At A2Z Mortgage we pride ourselves on closings, not submissions! We are not here for app fees like some of our competition, we work hard to get your loan closed.
Take your first step toward closing by giving A2Z Mortgage a call today at 281-286-3040
$1.9 Million Retail Shopping Center
Note Discount opportunity - A common theme happening today is the selling of the notes from banks that are in trouble or need to get debt off their books. Note buyers will buy these notes at 40 cents on the dollar – often with NO knowledge by the business or investor who owns the property. In most cases, the notes are CURRENT. We are not talking troubled properties necessarily. The note buyers that offer a discount to the owner of the property to refinance it out. If the client can refinance, everyone wins. The note buyer buys the paper at 40 cents on the dollar and, sells it to the owner at 80 cents. The owner gets 20% knocked off his debt which usually lowers his payment. The problem comes in when the client can not refinance – but that is another story for another time. On this deal, it was a retail plaza that appraised at $3.6 million and, they owed $2.8 million and, they could get the note paid off for just $1.9 million. Even at that LTV, ($1.9 million vs. a $3.6 million value – 53% LTV), the clients had been denied when they came to us. The property cash flowed but, the 3 owners did not personally debt cover without some creative add-backs to their income. We found the add-backs and, got the deal done. In this case, it was our knowledge of tax returns and, putting them with the right lender who would take the time to dig through the myriad of S-Corps and, LLC’s that these investors had. And $900,000 worth of debt just disappeared – isn’t America great!
Call Vic Kini today at 281-286-3040 for help with all your commercial refinance needs!
$6.4 Million Refinance of Office/Warehouse space
This client owns a company that does in excess of $70 million a year in sales. A millionaire many times over with his own private jets (yes, plural). Yet, because sales had declined in the last two years and, the size of the loan was over $5 million, the local banks would not touch. He had just secured some contracts that would add $20 million in sales and, needed to get a line of credit to allow him to meet the demand. His current bank loved the client and, wanted to extend the line but, because they already had $6 million in loans out to the client, they could not extend any more debt – this is a new reality in the regulatory environment these banks are in. We refinanced the $6 million dollars off their books which allowed the bank to extend the $3 million to the client. The bank reduced their exposure from $6 million to $3 Million and did not lose the clients deposits since in most cases, we do NOT require a deposit relationship on our loans. The client got the money he needed to keep expanding his business and, the rate we gave him? 5.1% fixed for 5 years. Our rates are as good as anyone but, we don’t just quote – we close!
To Close your next loan, call Vic Kini Today at 281-286-3040.
