Rate: 8.3%
Term: 1 Year
Amortization: Interest only
LTV: 80% of Purchase Price
Prepayment: None
Guaranty: Non-Recourse
Lender Fee: 1%
George Smith Partners secured financing for a non-recourse $3,400,000 covered land loan for a hotel development in Los Angeles. There is currently an existing building on the Property which allowed GSP to structure a highly leveraged land loan. Usually land loans are limited to 50% of the purchase price, but GSP’s strong relationships and experience allowed for the value of the current improvements to achieve much higher leverage.
Related Financings
- No related financings.
