Rate: 7.50% Fixed
Term: 9 months plus Two 3-Month Extensions
Amortization: Interest Only
LTC: 80%
Guarantee: Recourse
George Smith Partners placed the 80% loan-to-cost financing for a $2,400,000 quick-close cash-out refinance for two adjacent Newport Beach duplexes. The sponsor approached GSP with an extremely tight closing time frame due to the need to redeploy refinance proceeds into a pending acquisition. GSP identified a non-bank lender who is familiar with the location and also has a long history of providing quick close bridge execution. Fixed at 7.5% for 9 months, the loan offers two extension periods.
Related Financings
- No related financings.
