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FINfacts™ XXIV – No. 338 | October 5, 2022
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| 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% |
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Rate: 4.25% Fixed for 5 years
Term: 30 years
Prepayment Penalty: 3,2,1%
LTV: 60%
DCR: 1.20x
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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.
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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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Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
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© 1999 - 2024 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
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