GSP

November 2023

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.

LTV: 72%
Rate: 10.75% Fixed
Term: 12 months with two 3-month extension options
Guarantee: Non-Recourse
Prepayment: None
Origination Fee: 1.50%

Advisors

Matthew Kirisits

Grant Pugatch

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