Question
A property is developed for $24,000,000. At the end of 5 years, you refinance it at 60% LTV, based on 1,680,000 NOI and 5% cap
A property is developed for $24,000,000. At the end of 5 years, you refinance it at 60% LTV, based on 1,680,000 NOI and 5% cap rate. The terms of the new loan are 3% rate, 25-year amortization, and a 15-year term. What is the annual debt service for the new loan?
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International Financial Management
Authors: Cheol Eun, Bruce Resnick
7th Edition
0077861604, 9780077861605
