Just refinanced my 5 building portfolio into an I/O @3.625%
I just refinanced $6.5 million of debt across my 5 unit portfolio which appraised out at $9.8 million.
Terms:
- Interest only fixed at 3.625% for 10 years.
- Rates readjust annually after 10 years - stays I/O
- Half a point to close
- Under 67% LTV
Reducing my blended rate from ~5% to 3.625% and eliminated principle payments is going to save me ~$13k per month.
If you are either a high net worth individual or have properties located on CRA low/moderate income and are looking to refi into an I/O loan, shoot me a note.