Posted by CarolFL on April 23, 2007 at 12:25:42:
Patrick, thanks for your reply. The points you mentioned are the ones which have me thinking “friendly neighborhood bank”.
The current lienholder today offered 25 yr am/ 5 yr fixed/ 7 yr balloon indexed at the 5 yr T-note rate plus 3.5%. Adjusts to the 2 yr t-note + 3.5 after 5 yrs. LTV is not a problem.
Goals? We originally had thought to hold this one long term, but the partnership has proved unwieldy, so we will likely sell sooner rather than later. The refi is to bring the pieces together (we have a number of loans hanging out for the purchases of the units), get the funds we fronted to the co. for the rehab, etc., back in our hands, and leave a bit to ‘play money’ for continuing improvements - so they don’t have to be done out of pocket again!
We are in Polk Co., and the property is just getting stabilized. It’s a great piece(s) of property, with a lot of upside still to come.
The easy route is probably riding the horse we are on.
Closing costs? From memory - a point. Appraisal is already done for them. The more I write, the more I wonder if I am not just looking to make this complicated.