HUNTSVILLE, AL - Capstone Capital is pleased to announce the recent refinancing of Garden Place Apartments in Huntstville, AL, in October, 2015. This 42-unit, 2 building complex is situated on 2.0 acres of land in quiet Huntsville. Built in 1986, the borrower purchased the property for $725,000 in 2013. Upon purchase, approximately $180,000 was invested into property renovations.
“Our client was really looking for cash out on this deal. He utilized the $1,100,000 in fresh loan dollars to pay off his existing mortgage. To then have $457,000 in cash out at his disposal to use toward reinvestment strategies in other assets was icing on the cake,” said Scott Yerkes of Capstone Capital. The property appraised at $1,490,000 or $35,476 per unit, qualifying it for the attractive Freddie Mac Small Balance Loan program.
With the assistance of Mr. Yerkes, the borrower was able to lock in loan proceeds of $1,100,000 for 10 years at 4.67%. The borrower also took advantage of 36 months of Interest Only.
About Capstone Capital: Since 2007, Capstone Capital has closed over 100 commercial loans for over $900 million in loan volume. With offices in Nashville, Tennessee and Fayetteville, North Carolina, Capstone Capital closes loans throughout the Southeast. The Capstone Capital team states, “We put our best resources in competition to secure the best loan for our clients. Then we go the extra mile, because this business is about more than a great mortgage rate. We’re thorough, we’re involved, and we take the pressure off of our clients. Our packages get prompt attention from lenders because they’re detailed and transparent, ensuring a smooth, no-surprises process for all. It’s the reason 80% of our business is repeat customers. Our team prides itself on being involved, thorough and focused on customer service so as to ensure that the process can be as seamless for the borrower as possible. To learn more please visit www.cscap.us.