$3,150,000 Construction Loan in Los Angeles, Take-Out; 3.10% Fixed

Rate: 3.10% Fixed for Five Years
Term: 10 Years
Amortization: 30 Years
LTV: 65%
Prepay: 3,2,1, open
Loan Fee: 0.5%

George Smith Partners placed the construction loan take-out for a new 12-unit multifamily development in the Koreatown District of Los Angeles. At the time of funding, there was no operating history for the property as the Certificate of Occupancy had just been issued. Our Sponsor lacked 30 days of collections to prove out income. The permanent lender underwrote the rent roll in place in conjunction with proforma operating expenses to determine the underwritten Net Operating Income. Fixed for five years at 3.10%, the ten year term will float at LIBOR plus 275 years six through ten, amortized over 30 years. Sized to 65% of stabilized value and 80% of actual costs, prepayment steps down from 3% and is open after the third year.


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