Suburban Apartment Loan

Loan Amount: $875,400
Property Type: Apartment
Loan Type: Mini perm
Loan Term: 5-years

Brookside Apartments
The owner of this property never defaulted on the loan. However, the lender at the time wanted out of the loan and offered the property owner a substantial discount if the loan would be paid off in short order. Caffrey & Company LLC secured a new loan ($875,400) without the client having to come out of pocket to refinance on a 5-year fixed rate with a 20-year amortization. Normally lenders require the property owner to contribute an extra 10% of the loan balance before refinancing a discounted payoff loan.