Loan Amount: $1,575,000
Property Type: Single Story Apartment buildings -4-plexes
Loan Type: Fixed rate through Freddie Mac Small Loan Program
Loan Term: 10-years
The unique apartment complex is all on one level in a smaller community south of the Kansas City Metro. The client borrowed $1,575,000 through Freddie Mac Small Balance Loan Program with a long term fixed rate of 4.19% for 10-years with a 30-year amortization under non-recourse loan terms. This loan allowed our client to pulled cash out which he applied towards other debts that carried a higher interest rate. No replacement reserves were required to be escrowed which is a nice feature with the Freddie Mac Small Balance Loan Program.