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Non-Recourse Bridge Loan for Acquisition of Vacant 10 Unit Multifamily Property | Fixed at 10.75% | No Prepay

LTV: 72% 

Rate: 10.75% Fixed 

Term: 12 months with two 3-month extension options 

Guarantee: Non-Recourse 

Prepayment: None 

Origination Fee: 1.50%

Transaction Description:

George Smith Partners arranged a 12-month bridge loan for the acquisition of a vacant 10-unit multifamily property. The Sponsor expected that the property would lease up quickly, so they requested a short-term bridge loan with no prepay. GSP was able to source a lender that provided proceeds of 72% of the purchase price. The non-recourse loan is fixed at 10.75% and can be paid off at any time with no penalty. Once the property is stabilized, the Sponsor expects to refinance into a perm loan. 

Advisors

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