$1.4 Million Cash-Out Refi and Acquisition

$1.4 Million Cash-Out Refi & Acquisition

ST PETERSBURG, FL – Bison Financial Group, a real estate advisory firm based here, announces the closing and funding of loans secured by a portfolio of rental properties in the Charlotte, North Carolina MSA. The deal involved a cash-out refinance of an existing portfolio of scattered-site, single-family rental homes with the proceeds invested as the downpayment for the acquisition of two apartment properties.

The new loan has a fixed ​rate of ​5.85%​. Bison ​placed the loan with a rapidly growing non-bank multifamily lender. The ​loans presented logistical challenges as the portfolio of scattered-site rental homes needed to close first to provide the cash downpayment required to purchase the two apartment properties. The acquisition / renovation loan secured by the 2 apartment properties provides sorely needed funds ​​to renovate and modernize the properties. 

The acquired properties were owned by a long-time owner who prioritized 100% occupancy over pushing rents to market levels. It is anticipated that once the properties are renovated with new kitchens and baths the rents can be increased 75 to 100% over current levels.

Fun fact: Bison collaborated on a $15 million line of credit transaction with the key principal a few years back.

LINK: https://bisonfinancial.com/testimonial/15mmloc/

The principals of Bison Financial Group arrange debt and equity on income-producing commercial real estate properties nationwide. Bison’s clients are entrepreneurially minded investors that constantly need access to creative, unconventional sources of capital.