- Rate: Fixed at 4.35% for 7 years, then floating a 3 year CMT + 1.75%
- Term: 10 years
- Amortization: 30 years
- Prepayment Penalty: None
- LTV: 70% of value
- DCR: 1.3x
George Smith Partners secured a cash-out loan for the refinance of a single-tenant, special purpose property in Los Angeles leased to a preschool. The loan is fixed at 4.35% for 7 years and then floats at the 3 year CMT rate + 1.75%. Most lenders required a 25-year amortization for this specialty use property, but the selected lender was able to provide a 30-year amortization. The loan has no prepayment penalty and closed 45 days from application.
- Rate: Fixed at 4.35% for 7 years, then floating a 3 year CMT + 1.75%
- Term: 10 years
- Amortization: 30 years
- Prepayment Penalty: None
- LTV: 70% of value
- DCR: 1.3x
Advisors
