$20,000,000
Transaction Description:
George Smith Partners successfully arranged a $20,000,000 line of credit to provide financing for a newly established homebuilder based in Atlanta, GA. The financing is a revolving loan that provides for the acquisition of finished lots and for the vertical construction of homes in their designated markets. GSP structured a flexible solution allowing for finished lots, spec and model homes to be included in the borrowing base.
Total Proceeds: Up to $20,000,000
Loan-to-Cost: 75% LTC against finished lots and 100% LTC against sold, spec, model homes.
Rate: WSJ Prime + 2.50%
Term: Up to 36 months with extension options
Amortization: Interest-Only
Guaranty: Personal Recourse until track record established inclusive of Completion Guaranty with standard carve-outs
Financing Team
Nate Weyer
Senior Managing Director
