Transaction Overview
George Smith Partners arranged a $2,400,000 quick-close delayed-purchase 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. Certainty of execution was therefore paramount. GSP identified a non-bank lender with a long history of providing quick close bridge execution and familiar with the location. Sized to 80% of purchase with no hold back requirement for interest reserve or capital expenditures, the loan carries a 9-month term, interest only payments at a 7.50% fixed rate and no prepayment penalty. The loan also includes two 3 month extensions.
