Transaction Overview
George Smith Partners sourced a loan of $12,096,000 for the construction of a high-end single-family residence in the Bay Area. The loan provides funding of 80% of all costs including land, soft, hard, and financing costs. The rate is fixed at 8.50% with full term interest only payments. The origination fee is 1.125%, which is below market for a 24-month loan. The lender is normally capped at 75% LTC but was able to provide higher leverage due to the strong Sponsor and location. The loan closed about 30 days from application.
