Aline Capital is pleased to announce the closing of the acquisition financing of a 32-unit multifamily property located in Greenville, SC. This was a two-step process as Aline sourced a cash-out refinance on one of our clients’ existing properties, providing him with the required equity needed to close this deal. Through a local lender, Aline sourced a loan that funded up to 75% of our clients’ total costs at a 6.25% rate and provided 12-months of IO as he implemented his business plan. This loan also provided maximum flexibility with no prepayment penalty as our client stabilizes and improves the property. Aline was also able to use our deep understanding of the Safe Harbor Property Tax Abatement to get the lender comfortable underwriting the full Tax Abatement, resulting in maximum proceeds. This transaction put our expertise to work, as we were able to successfully work through a title issue, a fire in one of the units, and an insurance claim days before our targeted closing date. Congrats to our client on a great acquisition and thank you to everyone that helped make this transaction a success!
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