Refinance my current bridge loan on 10 unit multi in Tennessee

Big Lou here.

I have a bridge loan I will need to refinance because it is coming due in February. Property is located in Knoxville, Tn. I owe $541k. Current market value in the $950k to $1,000,000 range. All units are currently leased. 6 are long term and 4 are month to month. My credit is above 700 and I have strong liquid assets. No cash is needed, just refinancing the current bridge loan.

My plan is to refinance to another bridge loan until we get a real President in office. Real President = lower interest rates, better long term refinance opportunities.

I have a quote from Monty at 9.79% and 1.5 points for this refinance. I will probably go with him like I usually do but I wanted to check and see if anyone else has a bridge loan with terms that can beat these. Please reply if you can beat the above offer. I am not in a hurry and will probably start the refinance process in a few weeks.

Thanks.

Big Lou

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Permalink Reply by Nick Hubbard on October 25, 2022 at 5:05pm

Hey Big Lou,

I might be able to beat that pricing. Shoot me a email with property details!

nick@nathancapgroup.com

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Permalink Reply by Louis Rosenberg on October 25, 2022 at 5:50pm

Hi Nick.

I completed an application and sent him requested documents this morning and was emailed a preapproval a couple hours ago but I do not plan on moving forward until next month. I was contacted by two other lenders on here and neither could beat those terms. One matched the rate but with a 2.5% origination fee so I think I am good with my original offer.

Thanks for responding to this post.

Big Lou

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