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$1,760,000 Cash-Out Entitled Land Refinance to 80% of Cost

Rate: 8.50%
Term: 12 Months
Lender Fee: 1.50%
LTC: 80.0%
Recourse

George Smith Partners placed the refinance a three-parcel assemblage entitled for future development of 13 small-lot subdivision. A return of equity was sought to fund additional pre-development costs. GSP secured a capital provider comfortable with funding in-fill entitled land at higher leverage points: 80% of total capitalization in this situation. Our Sponsor’s strong development pipeline and proven track record added to the strength of this location/housing market. Sized to 80% of cost, the loan is fixed at 8.50% for a 12 month term with a 1.5% lender origination fee.

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