A cash-out refinance was secured on two multifamily investment properties in Los Angeles, resulting in a substantial reduction in interest rates. The properties are located at 126 S. Manhattan Place and 1506 S. Wilton Place. Additionally, the proceeds from these refinances were used to purchase a 50-unit complex in Cocoa, FL, located at 1010 Fiske Blvd.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,710,000
• Market: Los Angeles, CA & Cocoa, FL

The cash-out refinance was facilitated by Ethan Moradifar and Rodd Rahnama from Ridge Capital Group. They were able to secure financing for their client's purchase of the property in Florida using the funds from the two refinances in Los Angeles. The loan terms for the refinances in LA were both 3.25% for a 5/1 adjustable-rate mortgage. The loan for the Florida property had an interest rate of 3.44% for a 5/1 adjustable-rate mortgage at a loan-to-value ratio of 70%.

To learn more about similar scenarios or for further information, you can contact Ethan and Rodd at (424) 284-9970 or via email at [email protected].