George Smith Partners identified a national portfolio capital provider offering 10-year fixed rate non-recourse debt with beneficial prepay structures. Financing to 75% of appraised value on transactions from $15,000,000 to $50,000,000 is priced 200 to 225 basis points over corresponding treasuries rate locked at application. Prepayment for the 10-year product is yield maintenance for the first seven years then open for the remaining three years of the term. Prepayment on 5 and 7 year terms are yield maintenance for the first half and open without penalty for the remaining term.
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