Transaction Description:
George Smith Partners successfully closed a land loan secured by three parcels in the Fremont neighborhood of Seattle, WA. These were part of a larger development site that the Sponsor intends to break ground on in Q1 of 2025. The Sponsor had originally purchased the property in 2021, and the lender felt their basis in the transaction was very conservative. Both the Sponsor and lender are local and thus confident in the quality of location and value of collateral.
The Sponsor’s current loan had already matured and needed to close as quickly as possible. GSP sent the deal to a lender who issued a term sheet in 24 hours and closed/funded the loan in 9 business days. To expedite the process as much as possible, the lender made the appraisal a post-closing requirement.
Rate: 10.49%
Term: 12 months
Prepayment: No prepayment
Lender Fee: 2.5%
