Prime Commercial Lending Completes 12 Million Dollar Multifamily Refinance

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.