现金不足 再融资+ 1031交易所

客户案例研究

好莱坞的公寓，已售出(1031 Exchange)， 2018年11月- 2,700,000美元.

附加:2012年伟易博平台收益安排套现再融资 & 2015.

2012年:客户有兴趣降低他的利率从6.75%(2007年贷款)到目前较低的市场贷款利率~4.125% (2011-2012) as well as pulling some cash-out to use for another income-property acquisition in 2012.

2015年:套现再融资加上安全/锁定较低的利率.

2018年:执行1031转换成更新/更大的物业.

2012: Prepare loan package and shop lenders for best price (lowest interest rate) and terms. 另外, provide and assist the lender underwriter and appraiser with objective sales and valuation data in what was a disjointed marketplace at the time.

2015: Prepare loan package and shop lenders for the best price (lowest interest rate) and terms.

2018年:房产准备出售, 租金被充分推向市场, offering memorandum was prepared and the subject property was listed on the open market.

2012年:可能超过200美元,000 in equity/capital while keeping the monthly payment about the same (within $200) and locking-in a new lower loan interest rate.

2015: Lower the loan interest rate (now hovering around historical lows) and pull cash-out for another acquisition.

2018: 1031 Exchange older building and acquire higher value, newer property.

2012 (cash-out refinance): In order to obtain the desired loan amount we would ultimately need an appraisal with an applied a cap rate that was on-par with the compressed capitalization rates we were now seeing in “some” sell/buy transactions. 不幸的是, 非常少, 最近, same-type vintage properties in the immediate geographic sub-market that had sold. 评估师会使用什么样的可比销售额呢?

The other notable challenge was how the appraiser and lender underwriter would interpret the very light operating expense load that was being achieved by the owner. Since the owner was both hands-on and managed directly (no actual property management expense), 费用水平低于大多数其他同类物业. 评估师和贷款人会重新调整多少费用负担?

2015 (cash-out refinance): This particular refinance was overall going to be a fairly typical process. 目前正在寻求最大限度的套现资金. Some negotiation with prospective lenders was going to be required in order to get a loan commitment in an amount our Client was going to be satisfied with.

2018(销售): The sale was going to be pretty straightforward, seller's market at the time. 主要考虑, 后的价格, was to secure a Buyer that was flexible on a closing date to allow our Client adequate time to find a suitable 1031 replacement property.

2012 (cash-out refinance): It was imperative that the submitted loan package objectively showed very low historical vacancy and that ongoing property maintenance expenses could be sustained at the low-end of the customary underwriting range. It was also determined that Realty Yield would need to research and assemble our own list of comparable sales. 这个想法是, that we wanted to “help” the appraiser “fill in the blanks” since like-kind comparable sales were few and far between at that time.

2015年(套现再融资):准备贷款包, 贷款人的选择进行了评估，贷款是由Realty Yield放置.



2018(销售 & 1031 exchange): Disposition property was brought to the open-market (seller's market). 许多感兴趣的人都提出了报价. 对许多潜在的1031替代性能进行了回顾和分析. A suitable condo quality multi-family property was identified and put under contract.

2012: After many conversations with various direct lenders regarding income/expense line items, vacancy factor to be used and applicable capitalization rate we came to agreement on a loan amount, 利率及条款. 和, 正如预料的那样, the assigned appraiser was having problems finding comparable sales to support the value we felt was warranted (equal to what the open-market would command). Our comparable sales list helped the appraiser reach a supportable valuation conclusion. A loan amount of $1,000,000 was approved and funded which equaled the initial amount requested.

2015年:新的1美元.300万美元的贷款以3美元担保.47%.

11/2018:以2美元的价格出售放弃的房产.7 million, 1031 exchange funds were used to purchase a newer replacement property for $3,625,000. This replacement property was an off-market property/opportunity owned by a Realty Yield client.