7 Day Quick Close Acquisition Bridge Loan for 3 Unit Property in South Los Angeles

George Smith Partners arranged a quick close acquisition bridge loan for an REO triplex in South Los Angeles. The sponsor approached GSP with an extremely tight closing timeframe of 7 days and a property that had just recently been foreclosed on and had significant deferred maintenance. The sponsor valued certainty of execution above all else, so he could close on the property in short order. GSP identified a non-bank private individual willing to make the loan with no origination fee. Sized to 80% of purchase with no holdback requirement for interest reserve or capital expenditures, the loan carries a 12 month term, interest only payments at a 9.5% rate and a 3 month prepayment penalty.