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Cash-Out Refinance for Two Adjacent Newport Beach Duplexes; Closed in 3 Days of Application

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.

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