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