Retail

Steve Bram, David R. Pascale, Brian Asheghian successfully placed the cash-out refinance loan for an owner/user Body Shop and Service Center. The prior loan was ballooning with no opportunity for an extension. As with most auto-related uses, institutional lenders could not become comfortable with the environmental exposure. The Sponsor requested additional proceeds beyond the current lien to satisfy unrelated real estate payables. GSP identified a private party who was comfortable with the site operations and concern for environmental containment as well as the financial strength of the loan guarantor to mitigate future concerns. A Phase II report was not required for funding. This loan funded in 20 days from application. Priced at 11% and two points, the two year term is interest only and does not require a prepayment penalty or exit fee.