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Cash-Out Refinance of a 16-Unit Multifamily Property; 3.1% Fixed; 70% LTV; Los Angeles, CA

Rate: 3.10%
Term: 10 Years, Fixed for first 5 Years
Amortization: 3 years Interest-Only
LTV: 70%
Prepayment: 3, 2, 1, 1, 1%

Transaction Description:

George Smith Partners arranged permanent financing for a 16-unit multifamily property located in Los Angeles, CA. The loan is fixed at a rate of 3.1% for 5 years and has 3 years of interest-only payments. The deal went into application several months ago when interest rates were 100 basis points lower. Because of GSP’s strong relationship with the Lender, the original terms were held in an increasing rate environment. The financing does not require any deposit relationship with the bank.

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