Fident Capital secured a $4.0MM cash-out, non-recourse, term loan for the refinance of a 26-unit multifamily property located in National City, California. A regional bank provided the 10-yr fixed financing for a 3.35% rate with no fees, allowing a 60-day rate lock and closing as advertised within the term sheet.
The two identical, 3-story buildings contain two- and three-bedrooms units with a multigenerational tenant mix in one of the most relatively affordable areas of San Diego. The project enjoys strong financial performance, superior freeway access, below market rents, and low vacancy.
Challenges included the non-recourse loan request and structuring a loan that would repay the existing debt plus repatriate borrower equity while keeping debt service at roughly the same level.