Transaction Overview
George Smith Partners successfully secured the small balance refinance of a 16 unit, 1940s vintage, wood framed property located in the Windsor Hills section of Los Angeles. The new loan retired an existing first and second trust deed on the property. The added advantage of three years of interest only significantly improved net cash flow. Fixed at 3.72% for ten years, the loan sized to a 55% LTV. The loan documentation process was streamlined for this program while all lender closing costs including lender legal were capped at $7,000. A step-down prepayment offers future flexibility for this low leveraged non-recourse loan.
