Major Bank Has Under the Radar Screen

GSP/Rifkind Capital Advisors Does It Again!!! Application to Close in 24 Hrs.!: GSP/Rifkind completes an amazing funding of a personal residence (non-owner occupied) in 24 hours. This transaction was completed without (1) a formal application, (2) verification of income, (3) credit report, (4) verification of assets (bank statements), (5) an appraisal. The property was inspected on Wednesday with loan documents in-hand. The estimated 50-60% loan-to-value transaction funded on Thursday without the benefit of any additional due diligence including the ability or capacity to repay the note or third party verification of market value. This quick-close provided the borrower with desperately needed liquidity in record time. Terms: (1) Approx. 50% loan-to-value; (2) Interest only for 5 years; (3) Partial rebate of fee if the loan is repaid within the first 12 months. (David Rifkind, David Ellis)

$2,350,000 Refinance of a Two-Tenant "Alternative Use" Industrial Building located in Northern Los Angeles County. This two-tenant industrial building is occupied by (1) a 12,500 s.f. retail user; and (2) a 70,800 s.f. production studio filming music videos on-site. The production studio represents 85% of the rental income on their 5-year lease. GSP placed this refinance loan request with a CMBS lender who held their spread through extremely volatile "swap" market fluctuations while the borrower mitigated zoning and use issues with the city. The lender overcame poorly capitalized tenants and short-term leases with a borrower posted Letter of Credit representing 6 months of debt service. Terms: (1) Rate: 10-year T + 2.35%; (2) Term/Amort: 10/30; (3) LTV: 75%; (4) DCR: 1.30; (5) Non-recourse; (6) Lender Fee: Par. (George Smith, David Ellis)

HOT MONEY!!!

Major Bank Has "Under the Radar Screen" 7-10 Year LIBOR Based Financing at Spreads of 150-175: We found a local office in SoCal of a major national bank that is doing real estate lending from $1MM to $5MM at extremely competitive spreads. This is an excellent term loan. Terms: (1) Amount: $1,000,000 to $5,000,000; (2) Term: 7-10 years; (3) Amortization: 25 years; (4) Interest Rate: 30-day LIBOR with spreads as low as 150 to 175; (5) LTV: Up to 75%; (6) Lender Origination Fee: As low as ½ pt.; (7) Prepayment: Flexible and negotiable; (8) DCR: 1.25 to 1.35; (9) Other: Recourse is required; (10) Banking Relationship: Will require the establishing of a banking relationship, not all the banking, but a starter. Bank understands they must win the business and build relationship lending.

GSP ON-LINE!!!

GSP FINFAX NOW AVAILABLE AS GSP "E-FINFAX"

Many readers have requested GSP Fin-Fax by e-mail. If you have not done so already, send your request via e-mail to sbradley@gspartners.com - the Queen Mother of Fin-Fax - or- fill in your information below and fax to (310) 557-1276.

If you have friends or business associates that you feel would enjoy receiving the e-mail version, please add their e-mail addresses, name and company with your response.

www.gspartners.com

GSP in cyberspace! Our Web site includes: (1) pictures, bios, e-mail addresses and phone extensions for our production staff; (2) Fin-Fax archive (contains all 1998 Fin-Fax issues!); (3) searchable database of transactions by product type; (4) Hot Money! Active lender programs gleaned from our nationwide polling of institutional lenders; (5) special section on our Litigation Support/Expert Witness capabilities.

Please forward all comments/questions/suggestions to David Pascale, ext. 117 -or- dpascale@gspartners.com