Unentitled Land Financing for Infill Multifamily Development; Los Angeles, CA

  • First Trust Deed
  • Rate: 8.90% Fixed
  • Term: 12 months with One 6-month Extension Option
  • LTV: 65%
  • Amortization: Interest Only
  • Origination Fee: 1.00%
  • Exit Fee: None
  • Prepayment: Open
  • Guaranty: Non-Recourse
  • Second Trust Deed
  • Rate: 13.50% Fixed
  • Term: 12 months with One 6-month Extension Option
  • LTV: 65% - 85%
  • Amortization: Interest Only
  • Origination Fee: 3.00%
  • Exit Fee: None
  • Prepayment: 6 Months Minimum Interest
  • Guaranty: Non-Recourse
  • Blended Debt
  • Rate: 9.98% Fixed
  • Term: 12 Months with One 6-month Extension Option
  • LTV: 85%
  • Amortization: Interest Only
  • Origination Fee: 1.47%
  • Exit Fee: None
  • Guaranty: Non-Recourse

Transaction Description:

George Smith Partners successfully closed a 1st and 2nd Trust Deed at 85% of the purchase price for unentitled land in the Koreatown neighborhood of Los Angeles, CA. The two loans have a blended rate of 9.98% for the twelve-month initial term. The Sponsor will have a six-month extension option available. GSP was able to identify two lending sources, to maximize leverage, who understood the market and the demand for multifamily development in this location.

  • First Trust Deed
  • Rate: 8.90% Fixed
  • Term: 12 months with One 6-month Extension Option
  • LTV: 65%
  • Amortization: Interest Only
  • Origination Fee: 1.00%
  • Exit Fee: None
  • Prepayment: Open
  • Guaranty: Non-Recourse
  • Second Trust Deed
  • Rate: 13.50% Fixed
  • Term: 12 months with One 6-month Extension Option
  • LTV: 65% - 85%
  • Amortization: Interest Only
  • Origination Fee: 3.00%
  • Exit Fee: None
  • Prepayment: 6 Months Minimum Interest
  • Guaranty: Non-Recourse
  • Blended Debt
  • Rate: 9.98% Fixed
  • Term: 12 Months with One 6-month Extension Option
  • LTV: 85%
  • Amortization: Interest Only
  • Origination Fee: 1.47%
  • Exit Fee: None
  • Guaranty: Non-Recourse

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