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| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
7.75% |
| 3 Mo. T’s (YTM) |
4.69% |
| 6 Mo. T’s (YTM) |
4.92%
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| 5 Yr. U.S. T’s |
4.93% |
| 10 Yr. US T’s |
5.03% |
| 30 Yr. US T’s |
5.11% |
| 12-MAT |
4.01% |
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| LIBOR - 1 mo. |
4.95% |
| LIBOR - 3 mo. |
5.09% |
| LIBOR - 6 mo. |
5.21% |
| LIBOR - 1 yr. |
5.31% |
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| Tier 2++ (80% LTV) |
6.25% |
| Tier 3++ (65% LTV) |
6.11% |
| Tier 4++ (55% LTV) |
5.97% |
| 10 yr. term/30 yr. amort. |
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TRANSACTION OF THE WEEK!
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| $9,433,000 for 33 Tenant Outlet Mall (3 Years Interest Only) in Secondary Midwest Location for 15 Tenants In Common GSP has arranged permanent financing for this 95% occupied, early 1990’s built outlet mall. Borrower consists of syndicated tenants in common which own the property. The sponsor entity executed a master lease for the loan term. Challenges included detailed borrower approval process due to proliferation of entities and some short lease renewals common to outlet malls. Terms: (1) Rate: 10 yr T + 1.25% (2) Term: 10 yrs; (3) Amort: 3 yrs I/O, then 30 yrs; (4) LTV: 70%; (5) DCR: 1.30; (6) Non-recourse; (7) Loan Fee: Par (Steve Bram, David R. Pascale, Jr., Farzin Emrani) |
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$8,570,000 Construction Loan (96% LTC Actual / 85% LTC Including Imputed Equity) for 24-Units Single Family Home Development, Rialto, CA. GSP arranged financing for the construction of a 24-unit single family home development on an infill site in Rialto, CA. The Borrower purchased the land one year ago and took the project through the entitlement process. He invested $330,000 in his entitlement effort and did not want to invest any additional capital in the deal. GSP was able to convince the lender to value the land at its entitled value and give the borrower credit for the Borrower’s imputed equity in the land. GSP was further able to structure the entire loan funding in one phase which enabled the borrower to save time and money on the construction of the homes by pouring all the foundations at once. Terms: (1) Rate: Prime + 1.25%; (2) Loan Term: 18 months + two 3 month extensions; (3) LTC: 93% (Actual), 85% (Incl. Imputed Equity); (4) Fees: 1.5% Lender Origination Fee; (5) Release Prices: 92% of Net Sale Price. (Shlomi Ronen)
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$4,150,000 Mezzanine Financing, 84% LTC, for a 78-Unit Condominium Development in Valley Village, CA. GSP arranged $4,150,000 of mezzanine financing (22.5% of total project cost) to develop a 78-unit condo complex in Valley Village, CA. Units average 1,465 Sq. Ft. and are valued at an average sales price of $400 Sq. Ft. The project is located near the North Hollywood redevelopment area, and will serve to meet the continued high demand for housing in the San Fernando Valley. Terms: (1) Rate: 7%; (2) Term: 12 months; (3) LTC: 84%; (4) Exit Fee: Interest + 18% of the loan amount; (5) Lender Fee: 3%. (Steve Bram, Shlomi Ronen, Jonathan Lee)
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$1,200,000 Acquisition Loan on a Jiffy Lube in Torrance, CA. GSP arranged a $1,200,000 permanent loan for the acquisition of a Jiffy Lube property prominently located just minutes from the beach in Torrance, CA. Terms: (1) Rate: 6.69%; (2) Term/Amort: 10/30 (fixed-rate for first 5 yrs); (3) LTC: 57%; (4) Fees: Par; (5) Prepayment: 3%, 2%, 1%, open. (Mike Sullivan)
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HOT MONEY
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Private Fund, Larger than Many Banks, Funding First Trust Deeds up to $10,000,000 in California. Low priced private money with extremely quick turnaround – can close in 24 hours. Will fund almost any property type and entitled land. No appraisals or tax returns required. No legal fees. Highlights: (1) Deal Size: Up to $10,000,000; (2) Rate: 9.9%, 10.9% for land; (3) Loan Term: 1 to 18 months, with 6 month extension option; (4) Amort: Interest Only; (5) LTV: 75%; (6) LTC: 75%; (7) Recourse with personal guarantees; (8) Property Types: All; (9) Prepayment: No prepayment penalty; (10) Fees: 0.5% for 30 days; 0.75% for 3 months; 1% for 6 months; 1.5% for 12 months; 2% for 18 months; (11) Geography: California.
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WE’RE MOVING
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GEORGE SMITH PARTNERS, INC.
is pleased to announce the relocation of its office:
Effective May 15, 2006
George Smith Partners, Inc.
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
Phone: (310) 557-8336
Fax: (310) 557-1276
www.gspartners.com
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