$7,500,000 Cash-Out Refinance of Two Industrial Properties

Rate: 7.9%
Term: 12 months
Amortization: Interest Only
LTV: 50%
Prepayment Penalty: None

George Smith Partners secured financing totaling $7,500,000 on two separate industrial properties in Los Angeles. The properties are occupied by a major domestic furniture manufacturer. The loans provided a return of equity to the borrower. The lender did not require an appraisal, but was able to use market comparables to substantiate the value of the properties. GSP provided extensive market data showing recent transactions of similar properties in order to further support the lender’s value. The lender was ready to close within two weeks of application.

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