- Rate: 7.50% at closing (1 Month LIBOR + 6.2644%)
- Term: 18 Months
- Amortization: Interest Only
- LTC: 70% of lender approved costs
- Guarantee: Completion Guaranty; Repayment Guaranty capped at $5,000,000
- Lender Fee: 1.5% at closing and 0.75% at payoff
GSP successfully placed $15,150,000 in first mortgage financing for the construction of a shovel-ready luxury single-family residence in Beverly Hills. The loan funds up to 70% of lender-approved costs and the interest rate floats at 1-Month LIBOR plus 6.2644% (7.50% at closing). The 18-month initial term has two three-month extension options with a 0.375% fee payable per extension, with Interest Only payments during the life of the loan. Lender made one third of the 2.25% loan origination fee due at payoff in order to increase upfront Sponsor funds and offered the potential for Sponsor to take on mezzanine debt at closing subject to minimum equity hurdles. The Canadian Sponsor provided a completion guarantee and a repayment guarantee capped at $5,000,000.
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