Refinancing Package Lowers Client's Overall Debt
M1 Capital Corp., a leader in real estate financing, has arranged financing on a 19-unit single and multi-family portfolio in Syracuse, New York, it was announced today by Robert Withers, President and CEO of M1 Capital Corp. The deal, expediently closed within 90 days, refinances a sizable portion of a local real estate investor’s portfolio.
M1 Capital Corp. structured a blanket mortgage, cash-out refinance to consolidate debt and increase debt service efficiencies, notably reducing the portfolio’s blended rate of current debt and providing additional capital for further investment in the Syracuse area. Further, M1 Capital Corp. secured a rate of 6.9% locked in for five years on a 30-year amortization schedule (based on a five-year swap-rate mechanism).
“Via this transaction, we lowered our client’s overall debt service payments on
this portion of their portfolio and provided competitively priced capital to allow them to execute their business model of locating local undervalued assets to purchase, renovate, stabilize and add to their portfolio," stated Robert Withers.
