Refinance Loan – $2,100,000 – St. Petersburg FL Bison Closes Refinance Loan on St. Pete Multifamily Property
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ST. PETERSBURG, Florida- Bison Financial Group, a real estate advisory firm based here, announces the closing of a $2,100,000 loan to refinance a garden style apartment property located in St. Petersburg, Florida. Bison arranged the acquisition financing on the property three years ago. Bison was called in to negotiate a loan refinance with the existing lender to get its client some cash out at a fixed rate and to save on closing costs by not having to start all over again with third party reports with a new lender. Bison represented the borrower, a Sarasota based investor. “When the call came from our client to get started on the refinance, we looked at every angle to get them a longer term, fixed rate loan”, said Jared Repka, one of the principals of Bison. |
“In the end it made the most sense to work with the existing lender with whom we have a great relationship with to try to work out a good deal for all.” The non-recourse, assumable loan was structured as a 5-year term with a fixed interest rate of 6.25%. Bison is an advisor to a network of local, regional, national and international real estate entrepreneurs that buy and develop properties in Florida and select markets nationwide. Bison funds development/ value-added properties and stabilized income producing properties. |