ASHVILLE, NC – Capstone Capital announces the recent cash-out refinancing of Village Creek Apartments in Asheville, NC. Village Creek is a 62-unit, 2 story community with 1 and 2 bedroom floor plans. This local developer has been building and managing multifamily assets for many years and has sported strong historical occupancy on all of his properties. His previous loan held a balance of $3,179,756 at the time he was ready to discuss refinancing.
The borrower had grown especially accustomed to Fannie Mae and had only used Fannie Mae financing for his assets in the past. With the guidance of Capstone Capital shopping several lenders, the borrower chose the Freddie Mac Small Balance Loan Program due to the superior terms.
This program allotted him $5,000,000 in loan dollars which, after closing, put approximately $1,500,000 in “cash-out” back in his pocket. The developer will reinvest that money into other properties. To ensure he has solid cash flow at Village Creek, the borrower qualified for an Interest Only period of 36 months, followed by a 30 year amortization and a 10 year term.
About Capstone Capital: Since 2007, we have closed over 115 commercial loans for over $1 billion in loan volume. With offices in Nashville, Tennessee and Fayetteville, North Carolina, we close loans throughout the Southeast. 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.