90% LTC for Acquisition of 6 Units – Closed in 12 Days; Los Angeles, CA

Senior Loan
Amount: $2,118,000
Rate: 7.50%
Term: 12 Months
Amortization: Interest Only
LTV: 60%
Loan Fee: 1.00%
Prepayment Penalty: None

Mezzanine Loan
Amount: $1,065,000
Rate: 12.00%
Term: 12 Months
Amortization: Interest Only
LTV: Up to 90%
Loan Fee: 3.00%
Prepayment Penalty: None

Transaction Description:

George Smith Partners arranged $3,183,000 of senior and mezzanine financing for the acquisition of a 6-unit multifamily building located in Los Angeles, CA. The combined debt was sized to 90% of purchase price. The Property was purchased with the intention of future development. The proposed project would add more units to the supply-constrained submarket. The senior loan was sized to 60% of purchase and carries a 7.50% fixed interest rate. The mezzanine financing provided the remainder (up to 90%) and is priced at 12.00%. The financings were closed within 12 days of the term sheets being signed.

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