City: Redwood City
State: California
Lender type: Life Insurance Company
Property type: Self Storage
Transaction type: Refinance + Cash Out
Loan amount: $10,000,000

Barry Slatt Mortgage Company Senior Vice President, John Souza, and Commercial Mortgage Banker, Andrew MacLeod, recently financed a $10,000,000 loan on a 500+ unit self-storage facility in Redwood City, California. The non-recourse loan was arranged at 60% of appraised value with a 10-year fixed rate and a 30-year amortization. The first 3 years are interest only. Proceeds were used to cover existing debt plus a cash-out request to cover an early prepayment premium. Financing was provided by one of Barry Slatt Mortgage Company’s long-standing, exclusive life insurance company correspondents. Barry Slatt Mortgage will assume servicing of this loan as part of our $3.93 billion portfolio. John and Andrew were supported by analyst Daniel Yeghiazarian throughout the approval and closing process.