Rate: 10 YR Treasury + 214 (locked at Loan Application at a 4.49% coupon)
Term: 25 years (10+10+5 years)
Amortization: 25 years
Prepayment: Yield Maintenance
Loan to Value: 33%
Lender Fee: 0.50%
Guaranty: Recourse
George Smith Partners secured $5,100,000 in proceeds for the refinance of a 66 key all-suite Best Western in Southern California. The loan was priced over the 10 year treasury. The rate was locked at application to eliminate interest rate risk. GSP was able to identify a balance sheet lender who would be able to fund prior to the client’s original loan maturity date, provide straight forward loan documents with no legal fees, and provide an efficient due diligence process. The lender was flexible with regard to ownership structure and future partnership buy-out provisions. The loan was approved in a timely manner and closed 45 days after signed application.
Related Financings
- No related financings.
