NBS Financial Services Executive Vice President Ken Griggs and Associate Finance Officer Paddy Ryan have secured $10.2 million in financing for the Saratoga West Apartments, a 98-unit complex in Davis, California. Fannie Mae was the lender.
Griggs and Ryan were able to lock in an attractive 5.83% rate in advance, which was very attractive to the borrower because it removed the risk of fluctuating interest rates in an uncertain economic environment.
“We were able to lock in the rate ten months early, which gave the borrower some peace of mind,” Griggs said.
The loan is interest-only for two years, which was another benefit for the borrower, Griggs said.
The Saratoga West Apartments are close to the University of California – Davis campus, and virtually all of the residents are students, which can make some lenders nervous, Griggs said. Even so, they were still able to achieve a 75% loan-to-value ratio.
NBS Financial has offices in Portland, Oregon, and Seattle, Washington, and arranges financing for properties throughout the country.
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