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Andy Weiss arranges financing for residential properties in North Carolina

(Credit: Dansker Capital Group)

Andy Weiss of Dansker Capital Group recently arranged for the financing of two multifamily properties consisting of 126 units just outside of Charlotte, NC for $3.5 million. The loan is fixed for 5 years and prepayable at any time.

  • Dig Deeper: The borrower went into contract and closed the deal during COVID. The loan represented 75% of the purchase price with no payment reserves and comes with no prepayment penalty.
  • Heard on the Street: Andy Weiss: “The borrower reached out to me during the pandemic and said that he was looking for a bridge loan or as much leverage as possible, with no reserves, from a permanent lender, so that he could minimize his equity check. I knew the exact lender for him and we got him the deal he needed when all other lenders were requiring upfront reserves for this product. Having prepayment flexibility in the loan also allows for the borrower to recapture the equity he’s created”
  • Macro Trends: Andy noted in an interview that the lending markets are bouncing back after coming to a near halt during the height of the pandemic. However, he explained that leverage has come down across many loans – whether it be from required up front payment reserves or lower value/cost thresholds. In this constantly evolving market, it’s critical to work with a trusted and creative mortgage broker who solves borrower’s most pressing challenges. 
  • Worth Noting: Dansker Capital Group spun off from Marcus & Millichap earlier this year. The newly formed shop has been closing around a deal per week since the end of the summer. Their view is that landlords deserve institutional quality service regardless of their size. They build long lasting relationships with their clients and serve as a trusted advisor from deal inception through close.

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