THE CLIENT

It’s not easy building a property management company but this husband-and-wife team had a successful business with several investment properties, primarily multifamily properties. As they’ve built their business, they’ve gained valuable experience – learning more with each new investment and expanding their understanding of the process. They’re seasoned property investors who know what they’re doing.

Of course, even the most experienced business owners can run into a situation that pushes the boundaries of their business expertise, like trying to refinance a truly (truly!) unique property four states away. In many ways, this extraordinary property was a perfect combination of lender challenges.

THE CLIENT’S CHALLENGE

At first, it seemed as if it would be easy. The business owners had a lender lined up until they saw that there were trailer homes on the property. In truth, the original lender had no idea. Along with the trailers – two of them – the property included a duplex, a quadplex, and a single-family home, in addition to the two trailers. All on one tax parcel – in North Carolina. (Remember, the borrowers are in New York.)

On top of the wild-mix property, the borrowers were fighting the clock because their original mortgage, with a ballooning note, was about to come due. They needed a lender flexible enough to consider refinancing such a unique property, they required cash out funding, and it had to be processed and closed in less than 60 days.

THE APEX COMMERCIAL CAPITAL SOLUTION

$275,000 • Multi-Family Mortgage Refinance and Cash-Out • Closed in Less Than a Month

Apex Commercial Capital is a “story” lender that makes credit decisions and offers funding solutions based on more than just how a business looks on paper, so the unique nature of the property was a non-issue. The borrowers had good credit and a solid portfolio of properties. They were informed, experienced borrowers who came to Apex Commercial Capital because of the lender’s well-known flexibility.

With its seamless, streamlined processing, Apex Commercial Capital closed the loan in just about 20 days. The approval process was smooth, simple, and completed in time for the borrowers to pay off the existing mortgage before the balloon payment came due.  

FINAL RESULTS

With funding from Apex Commercial Capital, the borrowers refinanced their existing loan, avoiding the impending balloon payment, and cashed out the funds needed to invest in new properties and continue to expand their portfolio. Also, this was the first time the borrowers and their broker had worked with Apex Commercial Capital, so two new relationships were established that will undoubtedly help all parties involved moving forward.

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