The garden-style designed building, located just south of Seattle near SeaTac airport is on a quiet residential street in Tukwila. Books and records were minimal and kept by hand. They had to be transferred to QuickBooks. While marketing the property, the owners’ existing FNMA loan maturity date was upon them. We secured for them a new competitive short term loan with minimal pre-payment penalty allowing the sale to pay off the replacement loan when it closed.
With 45 days to the drop dead maturity date and the end of a very busy lending year, IREC worked diligently with a preferred lender. We worked through a complicated title issue and put the loan package and third party documents together for a successful closing before the New Year.
Refinance of Impending FNMA Payoff
55-unit development in Tukwila, WA
$5 million Loan – 5 yr fixed rate: 3.675%
60% loan to value
3-year fixed rate
30 year amortization
2-year declining prepay penalty
Maximized loan to value and debt service coverage at competitive rate for the timeframe with minimal penalty