Transaction Description
George Smith Partners closed a $6,160,000 senior loan for the construction of a luxury single family residence in Northern California. The loan is fixed at a rate of 10.5% for 18 months with full term interest only payments. The Sponsor is the U.S. affiliate of a Brazil-based construction and design company. Because of the Sponsor’s extensive experience constructing and selling luxury homes in the market, the lender was able to get comfortable with the international sponsorship. The lender provided proceeds of 70% of the appraised value of the completed project.
- Rate: 10.5% fixed rate, full term interest only
- Term: 18 months with one 6 month extension option
- Origination fee: 1.5%
- LTV: 70%
Advisors
