Cash Out Loan: $10,200,000 Permanent Financing on a 92-Unit Multifamily Los Angeles Property

Transaction Description:  GSP successfully obtained a $10,200,000 cash-out agency loan within 45 days of closing the original bridge loan. The debt was secured by a stable infill 92-unit multifamily property in Los Angeles. GSP and the sponsor worked closely with the lender to resolve hurdles related to an estate lien, several un-permitted units, and the reconciliation of historical operating statements.

Challenge: The borrower required a cash-out bridge refinance in order to procure proceeds for the acquisition of an unrelated asset with a pending close date. GSP then worked with the sponsor to resolve underwriting issues and pushed the closing of the agency perm loan to minimize interest paid on the bridge loan.

Solution: GSP capitalized on its’ strong network of lender relationships to secure an agency loan that maximized proceeds and waived the exit fee on the bridge loan. GSP worked with the lender to leverage the existing third party reports to ensure a timely closing with minimal costs.