Client was seeking permanent financing, with a 7-year term, attractive pricing, and prepayment flexibility.
Essex was able to successfully arrange a 7-year fixed rate non-recourse loan with a local credit union. The loan structure includes 2-years of interest-only payments and no prepayment penalty.
The loan was committed and rate locked during the COVID 19 pandemic. The loan was sourced and closed in less than four (4) weeks at an attractive interest rate and structure.