SOLANA BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged $4.8 million in refinancing for a 32-unit multifamily property in Solana Beach.Chad O’Connor (top right photo), a senior director in the firm’s San Diego office, arranged the financing.
“MMCC secured a 120-day rate lock for the borrower on this transaction at no additional cost,” says O’Connor.
“By lengthening the rate lock period, the borrower was able to extend the previous loan to a point where the existing prepay burned off while protected from potential interest rate increases. Most lenders are willing to offer a 60- to 90-day rate lock guarantee only,” adds O’Connor.
The 30-year loan, amortized over 30 years, has a fixed interest rate of 4.5 percent. The LTV is 65 percent.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
No comments:
Post a Comment