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.
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