38 Unit Multifamily Refinance in Killeen, Texas

A 38 unit multifamily property in Killeen, Texas needed a $1,300,000 refinance after the existing financing reached maturity and was in default. The p...

Units

$1.3M

Loan Amount

18 Months

Term

10.5% I/O

Rate

5 Business Days

Private Bridge

Lender

Situation

A 38 unit multifamily property in Killeen, Texas needed a $1,300,000 refinance after the existing financing reached maturity and was in default. The property was cross collateralized with another property, making the closing a coordinated transaction rather than a standalone refinance.

Challenge

The file had a defined maturity and default issue that required a fast financing solution. The cross collateralization added another lender and another property to the closing process. The current lender, title company, other property lender, and new lender all had to coordinate their roles before the refinance could close.

Deal Structure

CapitalAx sourced a private bridge lender for a $1,300,000 refinance. The confirmed structure was an 18 month term at 10.5% interest only. The bridge structure addressed the immediate refinance deadline while keeping the deal focused on the property's confirmed facts and the coordination required by the cross collateralized collateral package.

Solution

CapitalAx acted as the commercial loan broker, quickly sourcing the private lender and pushing the file forward to meet the deadline. CapitalAx coordinated the financing process among the current lender, title company, other property lender, and new lender so the cross collateralized refinance could move to closing.

Outcome

The refinance closed in five business days. The $1,300,000 transaction resolved the maturity and default situation with the confirmed 18 month, 10.5% interest only private bridge structure. The completed closing was the best case scenario for the file, meeting the deadline despite the cross collateralized, multi party process.