Transaction Overview
George Smith Partners closed a $4,000,000 refinance loan for a 27,000 SF vacant industrial property located in the Bay Area. The Sponsor recently completed a renovation of the property and has listed it for lease. The loan provides sufficient term for the borrower to be selective in securing a tenant. The rate is fixed at 8.9% for a period of 2 years. There is no prepay so the borrower can refinance into a perm loan at any time. The loan required minimal documentation, did not require an appraisal, and closed in less than 2 weeks.
