Essencap successfully closed a $4,100,000 commercial real estate refinancing loan by accessing the Small Balance Loan (SBL) with FNMA underwriting. The subject is a two-story, 80 units apartment building located in Summerville, SC. The sponsor purchased the property 18 month ago and invested over $750,000 on renovation.
We are pleased to announce that Essencap successfully arranged a commercial real estate loan. The loan assists our client to refinance a high interest rate bridge loan into a low rate loan. The loan is at a 12 year term over 30 year amortizations and lock in to a low rate.