Transaction Details
21 Apartment Units
$3,295,000
San Jose, CA
21 Apartment Units
- Project Type: 21 Apartment Units
- LTV: 58%
- DSCR: 1.2x
- Rate: 5.5%
- Term: 7 Year; 3 Year Fixed; 30 Year Amortization
Transaction Overview
MBP arranged a $3.295 million permanent loan to refinance a 21-unit multifamily property in San Jose, California. The sponsor's primary objective was to secure long-term financing at an attractive rate while preserving flexibility in an evolving interest rate environment. By locking the interest rate at application at no cost, our team provided pricing certainty and helped position the borrower for a successful refinance.
During underwriting, the transaction required additional cash-in at closing, creating a potential hurdle for the borrower. Rather than relying on a traditional solution, MBP sourced a no-documentation HELOC to satisfy the equity requirement, allowing the sponsor to close without disrupting their broader investment strategy or liquidity.
Working closely with the borrower throughout the process, our team also identified and removed non-operating expenses from the property's financials, strengthening the property's qualifying cash flow and maximizing loan proceeds. Through creative structuring and proactive execution, MBP delivered a customized financing solution that met the sponsor's objectives while ensuring a smooth and efficient closing.
MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.
MBP has a team of dedicated and experienced finance professionals with you at every step. We are consistently improving and expanding our capital market relationships and are committed to exceeding our client's expectations through these relationships, innovative solutions, and outstanding work ethic.
Intermediaries Team
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