| Transaction Description: |
| $2,000,000 Cash-Out Industrial/Manufacturing Refinance GSP successfully arranged the non-recourse financing of an 80,000 sf owner-occupied warehouse in Vernon (Los Angeles), California. The company - an 80 year old furniture manufacturer - owns three separate buildings where they manufacture, assemble and ship finished goods. The company posted operating losses the last three consecutive years and was unable to qualify for bank debt. Corporate ownership was unwilling to guarantee on a personal level. GSP identified a fund willing to provide a return of equity based exclusively on the real estate value on a non-recourse basis. Proceeds will be used to "prime the pump" as corporate sales in Texas and the Southeast have increased and continues to gain momentum. The company posted a profitable first quarter in 2011 and is well positioned for a return to profitability. |
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| Rate: 9.0% |
| Term: 2 years |
| Amort: Interest Only |
| LTV: 35% |
| Prepayment: None |
| Non-recourse |
| Broker: Jonathan Lee |
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