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Related Financings
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$2,150,00 Acquisition Industrial for a Start-Up
July 3, 2014
7 – 2 – 2014
Transaction Description: Raffi Sarkissian successfully placed the acquisition debt for the purchase of a 20,000 square foot single-tenant industrial building in the San Fernando Valley of Los Angeles. The tenant/buyer is a foreign national who will occupy and operate from this location, but has yet to initiate any business here in the States. The capital provider became comfortable with the business plan of feeding existing overseas operations from this location. The vanilla industrial use in a strong market added comfort to the loan execution. Rate: 8.5% Term: 3 Years Amort: Interest Only Prepayment: None Recourse Advisors: Raffi Sarkissian, Tylene Turner, Manuk Boyajian -
$2,000,000 Cash-Out Refinance for a Vernon Manufacturing Facility
February 20, 2014
2 – 19 – 2014 Transaction Description: GSP successfully arranged the cash-out refinance of an 80,000 square foot warehouse in Vernon, California. The Los Angeles based owner/user owns several separate buildings where they manufacture, assemble, and ship their product globally. The recent economic downturn netted losses posted to the company financials during the last several years and their bank was unwilling to extend additional credit. No warm-body was available to provide for a repayment guarantee. GSP identified a fund that was comfortable providing a return of equity based on the value of their real estate. Proceeds from the non-recourse loan will be used by the Company for expanding their operations lines as corporate sales have picked up throughout the United States. Rate: 8.99% Term: 12 Months+Two 6 Month Options Amort: IO LTV: 35% Prepayment: None Non-recourse Lender Fee: 1.5% Advisors: Jonathan Lee, Shine Cheng -
Foreclosure Avoided! $7,900,000 Bridge Loan Funded in 7 Days – Closed December 30th
January 18, 2012
1 – 18 – 12 Transaction Description: GSP arranged financing for a vintage historic Bay Area warehouse. The 28,000 s.f. property was fully renovated in the early 2000’s and is leased to a single tenant for creative office use. The building is fully entitled for 74 units of residential (For Sale or Rentals). The Sponsor contacted us with less than 2 weeks remaining in the year and needed to close by year-end or lose the property to foreclosure. The loan funded at below break-even DCR and the Lender did not require an interest reserve to maximize proceeds at closing. Challenge: The Sponsor had a hard payoff date by year-end with an executed deed in lieu. The Borrower was under a forbearance agreement with the deed in escrow, meaning the Sponsor would lose the property on January 2nd. Solution: GSP sourced a Los Angeles private placement lender who closed in 7 days under the terms agreed to in the application. The Lender increased loan proceeds by $400,000 during the loan process. The Lender flew up and met with the Borrower the day the application was executed. The Lender agreed to accept some documentation (ie lease guarantee) post-close. GSP funded 3 loans with this capital provider in 2011. Rate: 12.0% Amort: Interest Only LTV: 70% Lender Fee: 3% Exit Fee: 2% Brokers: Steve Bram, David R. Pascale, Jr. -
$2,000,000 Cash-Out Industrial/Manufacturing Refinance
April 6, 2011
4 – 6 – 11 Transaction Description: GSP successfully arranged the non-recourse financing of an 80,000 sf owner-occupied warehouse in Vernon (Los Angeles), California. The company – an 80 year old furniture manufacturer – owns three separate buildings where they manufacture, assemble and ship finished goods. The company posted operating losses the last three consecutive years and was unable to qualify for bank debt. Corporate ownership was unwilling to guarantee on a personal level. GSP identified a fund willing to provide a return of equity based exclusively on the real estate value on a non-recourse basis. Proceeds will be used to “prime the pump” as corporate sales in Texas and the Southeast have increased and continues to gain momentum. The company posted a profitable first quarter in 2011 and is well positioned for a return to profitability. Rate: 9.0% Term: 2 years Amort: Interest Only LTV: 35% Prepayment: None Non-recourse Broker: Jonathan Lee