CLOSED: Self-Storage 15-year term loan

Q10 KDH Vice President Dave Holland arranged a cash-out refinance with a correspondent life insurance company lender for a self-storage property in Houston, TX. The non-recourse loan provided 70% loan to value and had a 15-year term. Dave Holland stated, “The borrower had almost paid off a fully amortizing 15-year note and wanted to recapitalize so he could buy out a partner. This non-recourse small loan program was a perfect fit for this long term owner since he was able to lock the interest rate for 15 years near 5%.