Prime Commercial Lending just announced a completion and closing of a $12,000,000 refinance of a Class B multifamily complex in Palm Springs, CA. The current borrower had HUD loan on the property which was issued over 13 years ago at a 7.5 interest rate and the borrower came to Prime to refinance their existing mortgage to a much better rate. Prime was able to leverage its life insurance company relationships and offer a 4.75% rate fixed for 10 years with a 25 year amortization. The borrower walked away with an extra $500,000 in cash out proceeds which was part of the closing.
Recent Posts
Archives
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- December 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- April 2018
- April 2017
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- August 2012
- July 2012
- May 2012
- March 2012
- February 2012
- January 2012
- December 2011
- September 2011
- August 2011
- June 2011
- March 2011
- July 2009