Richmond Ridge Townhomes

Loan Amount$5,325,000
Loan TypeTerm & Rate Refinance
Property TypeMultifamily
LocationBryan, TX
Size59,023 SF
GuarantyFull Recourse

Special Conditions & Comments

In 2021 post pandemic commercial mortgage rates hit an all-time low, which prompted the borrower to take advantage of this historically low interest rate of 3.50% offered by a national credit union.

Loan terms were 75% LTV, fixed rate for 10 years (balloon of 10 years) and 30-year amortization.  As with most credit unions this loan has no early prepayment penalty.  Escrows for property taxes and insurance were not required either, which gave the borrower even more control over his cash flow.