
July 2023
Transaction Description:
George Smith Partners closed a refinance loan on a 14-unit Los Angeles multifamily rental with a California-based credit union. The loan is fixed at 4.93% for 5 years, a rate that is at least 60 basis points lower than the rest of the market. The prepayment schedule is 5%, 4%, 3%, then open in the 4th year. This will give the borrower flexibility to refinance if interest rates decline. The loan did not require the borrower to maintain any deposits with the Lender.
- Rate: 4.93% Fixed for Five Years
- Term: 30 Years
- DCR: 1.25x
- Lender Fee: Par
- Prepayment: 5,4,3, open
Advisors
