Cash Out Refinance – 3 Day Close
Lone Oak Fund provided a $2,900,000 cash-out first trust deed on a 20-unit multifamily property in northern Vallejo, California. The property was acquired in 2014 in an uninhabitable state and has since been completely renovated and fully leased at market rents. The Borrower needed to quickly pull cash out of this property to acquire another property. The Borrower is already working on permanent debt for the subject property and expects the LOF loan to be paid off in 60-90 days. The Loan is priced at 7.90% interest only, with no prepayment penalty or personal guaranty.