Downey Retail Property
Property Details
Location
Property Type
Loan Amount
Downey, CA
Retail
$850,000
LTV
DSCR
Rate / Term
46%
1.51
5.79% / 5 year fixed 10 year term
- 25 year amortization
Challenge
Cash-out refinance on a fully occupied six-unit retail strip center. Borrower’s credit score was under 600 due to unfortunate circumstances. Global cash flow was also calculated to be below breakeven.
Solution
Axos Bank was able to get comfortable with the scenario based on strong historical collections, strong DSCR, low LTV, and borrowers net worth and post close liquidity.
