On behalf of our client, a seasoned real estate investor, we obtained a cash-out refinance on one of his residential investment properties in Miami, Florida.
The terms of his bridge loan included a 2-year term, fixed interest rate, and no prepayment penalty.
He was looking to pull out cash from his property to help offset the losses incurred due to the tenants in his other properties failing to pay rent because of the coronavirus pandemic.
Because there is no prepayment penalty, he will be able to refinance to a longer-term program as soon as the market allows.
Despite COVID-19, we were able to get our client to the closing table quickly and smoothly.