George Smith Partners identified a California Bank with a Life Company mentality. The capital source’s conservative credit culture allows them to price aggressively, often undercutting more arduous Life Company applications and processing. Ten-year transactions to 60% LTV sized from $2,000,000 to $25,000,000 are priced from 3.85% fixed, and may offer stepped-down prepayment options. Loans post-funding are not sold or SWAPed to derivative capital suppliers. Geographic lending markets consist of major California MSAs. Non-recourse financing is available for higher quality assets.
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