Taking advantage of historically low interest rates, Fat Property has secured new financing from Freddie Mac on a collection of their inner loop properties.
“This new financing will remove the uncertainty that existed with our previous loans, which were mostly done at 5 year terms a few years back. It’s reassuring to lock in funds under 5% that we’re not going to have to think about for 10 years. We were able to both cash out a bit and lower our monthly payment.” – Cody Lutsch, Fat Property
Fat Property worked with ReadyCap Commercial out of Irvine, CA on the deal. And while Freddie Mac loans are known for their time consuming and paperwork extensive nature, the team at ReadyCap worked diligently to push things though. Getting timely data helped.
“Cody and his team really helped make the process smooth from our end. They were very fast in providing all the data and financials we needed. Fat Property has a solid track record of performance in multifamily. When dealing with a strong operator who can respond quickly, our job becomes much easier and we can be more effective” – John Drennan, ReadyCap Commercial, LLC
For more information about ReadyCap Commercial LLC, visit their site or see them on our friends page
Last year, Fat Property gave up management of the two properties located in the SE inner loop. 5610 Royal Palms and 6215 Tierwester. As of this month, we’ve resumed. Look for the improvements to come to both properties very quickly.
We’ll let Izaak talk about himself and his accomplishments on our chitchat page, but for now we’d like to take this moment to welcome him to the Fat Property team! He’ll be taking on the role of operations director. Basically running the office, dealing with vendors, and managing the staff. It’s not an easy job, but he’s ready for it.
Jasmine has recently joined our team and her extensive property management background has allowed her to hit the ground running. She currently manages some of our larger properties in the south east area of the inner loop.
You can hear more from and about her on our chitchat page.
Our largest single property to date. Over 100 units, on over 7 acres of land. The property is named “Tierwester Village”. All units are detached 2 bedroom / 1 bath. They start at $650.
Update: We flew our drone over the property. That was fun: https://vimeo.com/104459643
An awesome 3 story commercial property located right next to a lot of new construction in the heart of the midtown area of Houston!
The property is located at 3700 Fannin, right by the lightrail stop on Main St. and W. Alabama (if you’ve been to Tacos a Go Go or Continental club, you’ve been close.
We’ve wanted this property for a long time. It’s been sitting empty and we saw the potential.
Well, now it’s ours.
We’ll gut it and fix it up. We already have talked to a few operators that want to run a business out of the club. But rather than spill the beans about what they have planned, I’ll let them announce the news when they see fit. In the mean time, here is a fun “before” picture. There will be more photos on our Fannin page
We’re often asked ‘how did you guys get started?’. Well, it’s a long story. We are working on a “history” page to really explain where we came from, where we are, and where we’re going. While our first draft of a ‘history’ page isn’t as detailed as we’d like it to be, we still thought it might be an interesting read.
We’ll slowly update the page with pictures and more quotes as time permits. Check it out here