Multi-Family Property in Seattle, WA.
LoanBase successfully arranged a $3,250,000 30-year fixed loan to refinance a 25 unit multi-family complex in Seattle, WA. The Borrower was seeking an efficient, transparent solution with reduced transaction costs. The Borrower, a veteran real-estate investor, requested long term, non-recourse financing.
Although the sponsor wanted a low fixed rate, he was seeking a banking relationship in
order to refinance various other projects in his portfolio as well. The complex is situated in a prominent area of Seattle, located in a dense residential pocket and adjacent to a strong retail corridor. The asset was built in 1992 and consists of 25 units and is located minutes away from Pike Place Fish Market.
After completing the quick survey detailing his asset, LoanBase was able to connect
the Borrower with 20 lenders, each providing live quotes that matched the Borrowers
criteria. The Borrower was then able to strategize with lenders of their
choice in order to attain quotes that fit their needs.
There were a few hurdles that LoanBase and the Borrower had to overcome in order to secure financing for the asset, including a 72% occupancy rate due
to COVID-19. The Borrower was seeking a lender that would be comfortable moving forward with the loan, and was willing to create a partnership with the Borrower for their future portfolio.
Loan Amount: $3,250,000
Term: 10 Years
Amortization: 30 years
Prepayment: 3, 2, 1 (flexible)
Lender Origination Fee: None
Despite the hurdles, LoanBase was able to source a Lender who understood the asset, market despite the COVID-19 vacancy challenges, and believed in the Sponsors business plan. LoanBase was able to assist the Borrower through every step of the way in order to achieve their goals. The Borrower was
able to attain non-recourse, long-term 10-year financing, fixed rate of 3.24%, 75% LTV, with a 30-year amortization. The transaction was closed within 45 days of loan application and left both lender and borrower with a desirable result and a long lasting partnership on future investments.