Transaction Overview
George Smith Partners arranged $11,500,000 in a quick-close refinance for a high-end luxury home in Los Angeles, California. GSP identified a non-bank Lender with a strong history of providing quick close bridge execution. The loan is fixed at 7.45%, interest-only, with no hold-back requirement for interest reserves or capital expenditures. The loan does not carry any prepayment penalties, does not require minimum interest due, nor did it require an appraisal inspection – just a walkthrough of the subject property. The loan retired a higher interest rate and lowered the Sponsor’s monthly payment. The financing closed in 12 days.
