Transaction Overview
George Smith Partners arranged a quick close acquisition bridge loan for a partially vacant 4-plex in South Los Angeles adjacent to USC and Expo Park. The Sponsor approached GSP with an extremely tight closing time frame of 10 days and a property that had significant vacancy and deferred maintenance. The Sponsor valued certainty of execution above all else, so he could close on the property in short order. GSP identified a non-bank private investor willing to make the loan with no origination free. Sized to 80% of purchase with no holdback requirement for interest reserve or capital expenditures, the loan carries a 12-month term, interest-only payments at a 9.5% rate and a 3-month prepayment penalty.
