Project Description
La Villa Riviera is a 91 unit apartment property constructed in 1972 and located near the Spokane River in the city of Spokane Washington. The property was purchased by the current owner in 2007 and underwent a significant remodel in 2009. La Villa Riviera is located in an area with beautiful views, but still close to the downtown core.
As a result of improvements to the property and the appreciation of property in the market the owner wanted to take advantage of current rate and term options to use the equity in the property to fund additional income property.
Investor’s Real Estate Capital was successful in presenting the property to our network of lenders to obtain the maximum loan amount and terms to best meet the owner’s requirements.
Cash Out Refinance
91 Units Multifamily
$3.7 million Loan – 7 yr fixed rate: 3.6%
65% loan to value
7-year fixed hybrid/ARM
30 year amortization
5-year declining prepay penalty
Maximized loan to value and debt service coverage at competitive rate for the timeframe with minimal penalty