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$11,500,000 Refinance for Spec Single Family Home; Los Angeles, California

Blended Rate: 7.45%, Fixed for 12 months
Term: 12 Months, Interest-Only
LTV: Sub 50%
Prepayment/Minimum Interest Due: None

Transaction Description:

George Smith Partners arranged $11,500,000 in a quick-close refinance for a high-end luxury home in Los Angeles, California. GSP identified a non-bank Lender with a strong history of providing quick close bridge execution. The loan is fixed at 7.45%, interest-only, with no hold-back requirement for interest reserves or capital expenditures. The loan does not carry any prepayment penalties, does not require minimum interest due, nor did it require an appraisal inspection – just a walkthrough of the subject property. The loan retired a higher interest rate and lowered the Sponsor’s monthly payment. The financing closed in 12 days.

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