The Carson City request faced limited options for refinancing as typical CMBS and Life Insurance loans weren’t suitable for the borrower’s objectives. The borrower needed a trusted team to identify the best possible scenario to overcome his challenges.
Through an existing broker relationship, Andy Crawford, CCIM of CommCap was referred to the borrower to manage the process.
Borrower Challenges:
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Financing limitations due to impacts of Covid on Hospitality sector
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Borrower required prepay flexibility
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Seeking a refinance with a substantial cash-out requirement
Why CommCap Advisors?
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The borrower enlisted the guidance of Andy Crawford with CommCap based on a broker relationship referral.
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By leveraging an existing relationship with the lender, CommCap was able to secure a low cost execution with zero prepay.
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Andy aggressively managed the underwriting and closing processes to maximize cash-out proceeds for the borrower to grow his portfolio.
Overview:
Loan Amount – $10,200,000
Property Type – Hotel
Lender Type – Bank
Interest Rate – 3.85%
Term – 10 Year
Amortization – 25 Year
Contact CommCap today for current rates:
Andy Crawford, CCIM
702.792.7552
Acrawford@commcapnv.com
About CommCap Advisors:
As your exclusive advisors, CommCap utilizes proprietary systems, market expertise, and years of experience to secure aggressive financing options that best fit your property. Exclusive correspondent and servicing relationships with Life Insurance Company, CMBS, and Agency lenders ensure a broad and in-depth representation of current market conditions. Our team of advisors craft a loan structured to enhance revenue and allow you to focus on increasing cash flow.
We do not list, sell, manage, or lease property. We only arrange financing and are the best at what we do.
