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Perm Financing for a Multifamily Property; Houston, Texas

Rate: 4.00%, Fixed for 7 Years
Term: 30 Years
Amortization: 30 Years
LTV: 70%
Prepayment: 5, 4, 3, 2, 1%
Depository Relationship: None Required

Transaction Description:

George Smith Partners secured permanent financing for an eight-unit multifamily property located in Houston, Texas. The loan is fixed at a rate of 4.00% and locked in for 7 years. The deal went into application during the Fed run-up in rates and the rate was never locked. However, due to GSP’s relationship with the Lender, we were able to hold the rate and term down substantially. The financing does not require any deposit relationship with the bank and did not require any funds to be held back for reserves. The Lender’s processing/application fee was $2,000 all in.

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