Fannie Mae Loan

San Diego, CA

$9,640,000 FNMA Fixed Rate Cash-Out Refinance, Included Funds for an Unstabilized 24-Unit Addition Recently Completed and a Holdback for Another 4-Unit Addition. Owner obtained very attractive 10-year fixed rate pricing with options to add junior debt over time as the property appreciates. Loan gave full value for the 24-units recently completed and provided almost 100% of cost funding for a 4-unit addition scheduled to be completed within 9 months of the loan closing.