07 Nov Nelson Funding Closes $5,110,000 Multifamily Refinance Loan in Evanston, Wyoming
Nelson Funding is pleased to announce the recent closing of a $5,110,000 loan in Evanston, Wyoming. The loan proceeds were used to refinance the property and buyout remaining partners in the deal. Our team at Nelson Funding was able to quickly identify a local lender who provided competitive financing at 6.2% interest with a 10 year fix and 30 year amortization. Nelson Funding was able to work around many challenges including a tightening underwriting environment, several rate hikes, a secondary location, and challenging documentation.
Nelson Funding is an expert at arranging multifamily loans throughout the country with multiple sources of capital that are tailor suited to our client’s specific needs. Multifamily Refinance loans have become more difficult to accomplish in today’s rate environment. Many lenders are now stress testing rates while increasing the operating expenditures to ensure a satisfactory debt service coverage ratio (DSCR) is met. Nelson Funding can quickly size up multifamily loan requests to ensure they will pass a lender’s underwriting requirements. If a deal doesn’t meet conventional underwriting stress tests, Nelson Funding has other capital options to help our customers ensure their multifamily loan requests get completed.
Nelson Funding would like to thank our capital partner for making this multifamily refinance a smooth and easy process for our client. Nelson Funding has deep relationships with lenders across the country for conventional lenders, private debt funds, family offices, private investors, life insurance companies, and hedge funds.
Nelson Funding remains committed to helping our clients secure the best financing for their Evanston, Wyoming area commercial real estate projects despite a rising interest rate environment and tightening lending standards. With Nelson Funding’s capital market relationships and highly experienced team we are still placing competitive debt for all deal types including land development, single family construction, multifamily construction, industrial, office, retail, hospitality, special-use, cannabis and more.