Opus Bank is pleased to announce it provided:
- Title: Cash Out Refinance
- Amount: $1,495,000
- Month: February
- Year: 2016
Opus Bank (“Opus”) provided a $1,495,000 loan to refinance a recently acquired and renovated 10-unit multifamily property in Los Angeles, CA. The client saw an opportunity to add significant value to the property by performing renovations and increasing rents relative to the market.
The client was an existing client of the bank with a strong banking relationship. In addition, the client owns multiple properties in the area and has extensive value-add investment experience in the surrounding markets. The client had recently purchased and stabilized the property via an aggressive renovation program. Due to the ownership structure, the client needed a non-recourse loan with a quick closing timeframe.
Opus provided a permanent loan with cash out proceeds based on “stabilized” income and expenses. The total loan amount of $1,495,000 is 66% LTV. Opus was able to provide an aggressive cash out permanent loan with interest only on a non-recourse basis and a flexible prepay.