- Rate: 7.9%
- Term: 12 Months
- Extension: One - 12 month Option
- Amort: Interest Only
- CLTV: 65%
- Prepayment: None
- Non-Recourse
- Lender Fee: 1%
Transaction Description: George Smith Partners placed a 65% loan-to-value non-recourse refinance for a two-tenant, 7,200 square foot retail asset in Hollywood (Los Angles) California. The loan was made to facilitate a partner buyout and fund further investments for the remaining Sponsor. Approximately 70% of the net-rentable is owner occupied. Our Sponsor’s low FICO score (high 400s) prevented prior attempts despite the strong retail location and moderate loan sizing. GSP identified a lender who accepted the Borrowers’ credit history and focused on the assets’ value, location and sales history. Fixed at 7.9% for 12 months, the non-recourse loan is interest only and allows for an extension option.