Transaction Overview
George Smith Partners arranged 80% LTV land acquisition financing for a future multifamily development site in the Mid-City neighborhood of Los Angeles, California. The sponsor, a non-resident non-citizen, sought maximum proceeds for the land acquisition and had a 30-day closing time frame from initial contact, which was impractical for many lenders. Certainty of execution was critical as an extension to the purchase contract was not obtainable. GSP identified a non-bank lender with a long history of providing quick close bridge execution and who was familiar with the location and comfortable with the land basis. The loan was sized to 80% of value with no hold back requirement for interest reserve or capital expenditures.
