FINfacts™ XXIV – No. 338 | October 5, 2022

MARKET RATES
Prime Rate 6.25%
1 Month LIBOR 3.19%
6 Month LIBOR 4.24%
5 Yr SOFR Swap 3.74%
10 Yr SOFR Swap 3.50%
5 Yr US Treasury 3.98%
10 Yr US Treasury 3.77%
30 Yr US Treasury 3.76%

RECENT TRANSACTIONS
$20,950,000 Cash-Out Refinance for Three Multifamily Properties; Los Angeles, CA

Rate: 4.25% Fixed for 5 years
Term: 30 years
Prepayment Penalty: 3,2,1%
LTV: 60%
DCR: 1.20x

Transaction Description:

George Smith Partners secured cash-out refinance loans totaling $20,950,000 for 3 stabilized Los Angeles multifamily properties. The properties comprise a total of 145 units. The loans are fixed at 4.25% for 5 years and have at least 4 years of Interest Only payments. The lender gave the borrower full credit for income sources that had recently increased, including parking and utility reimbursements. Annualizing the most recent months of collections resulted in higher loan proceeds. A 60-day rate lock was signed at application. Since market interest rates increased by over 50 basis points while the loan was application, this provided a substantial benefit to the borrower. Although the closing process took longer than 60 days, the lender extended the rate lock for no charge.

Advisors

Shahin Yazdi
Managing Director & Chief Operating Officer, AXCS Capital
Jonathan Lee
Managing Director & President, AXCS Advisors
Matthew Kirisits
Vice President
Miles Musalman
Senior Vice President
Kyle Redmond
Vice President
Jessica Mania
Director of Research & Marketing

If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Jessica Mania, at (310) 867-2974 or jmania@gspartners.com


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