$2M Cash-Out Refinance of Apartment Building
A seasoned real estate investor utilized Lone Oak Fund’s fast close to quickly pull $2,000,000 out of a free & clear multifamily property in upscale Menlo Park. The proceeds will be used to acquire another investment property in an all cash transaction. The 6-unit subject property is currently listed for sale at $3.8M. The Loan is priced at 7.90% interest only for 12 months and 1.50 points. As always, there is no prepayment penalty.