Pico-Robertson Apartments

Transaction description

Jonny Soleimani of PSRS recently arranged the $1.15M cash-out refinance of an apartment building in Los Angeles, CA. The property is a 5-unit apartment building in the Beverly Hills adjacent Pico-Robertson neighborhood of Los Angeles. Financed with one of our credit union lenders, the loan has a 5+5-year term and 30-year amortization schedule. Jonny was able to deliver cash-out proceeds greater than the actual loan balance and negotiate the waiving of any P&I reserve requirements, a policy the lender instituted in the middle of submission out of an abundance of caution because of COVID-19.