Transaction Overview
Transaction Description_:_ George Smith Partners arranged the cash-out refinancing of a 31 unit multi-family property in Lynwood, California. The property is 100% occupied and has a history of maintaining 95% or greater occupancy. The borrower required maximum proceeds for the acquisition of another property where all contingencies were released. Although the subject property has a non-conforming unit, GSP sourced a lender willing to lend 75% of the appraised value and close in time for the borrower to complete the new purchase. The borrower wanted to minimize rate exposure and GSP negotiated a rate lock at application, securing an interest rate of 4.21% fixed for 7 years and a step-down prepayment.
