Hot Money

George Smith Partners is placing non-recourse bridge debt through a national portfolio lender funding transactions from $5,000,000 to $75,000,000. The Capital Provider offers flexible loan structures with interest only terms between 1 to 5 years and extension options. Floating rate pricing starts from LIBOR + 300. Lender has a strong appetite for manufactured housing, self-storage and hospitality along with four main asset types located in secondary and tertiary markets in addition to primary markets. Opportunities should be cash flowing day one (above 1.0x DSCR) and value-add in nature. Loans can be structured with no lockout and minimum interest of +18 months. Initial loan to cost can go up to 85%, as long as stabilized value and cash flow support 70% takeout level. Future fundings can be structured for capex and TILC costs.
Lender also offers CMBS style loans on all asset types, primarily focused on Manufactured Housing, Self-Storage and Hospitality, loan sizes ranging from $2,000,000 to $25,000,000 with 5-10 year terms and 25-30 year amortization schedules. Typically capping max LTV at 70% for refinances, Lender has ability to structure mezzanine components (as small as $1,000,000) to get up to 80%-85% LTV. Senior Loans currently price in the 4.75% (10-yr loan) area with the Mezzanine components pricing in the 10% – 12% range depending on asset type and LTV of last dollar.

George Smith Partners is working with a national capital provider funding ground-up construction and Multifamily renovation debt to 85% of cost. They offer flexible loan structures and terms up to 24 months for transactions from $500,000 to $10,000,000. The Lender has a strong appetite for Multifamily, Mixed-Use, Condos and Infill Subdivisions located in primary and secondary markets and they will fund foreign nationals. Pricing starts at 7.99% for Multifamily renovation loans and 8.49% for Ground-up construction loans.

George Smith Partners has placed several heavy bridge/reposition transactions to 83% of total capitalization with sub-5% coupons. With the ability to extend the loan term up to ten years upon stabilization, debt service will be interest-only throughout the entire term. This national capital provider will fund all commercial property types across the United States. Debt Yield and DSCR restrictions are based on market location and analyzed on a deal by deal basis.

George Smith Partners is working with a non-recourse capital provider funding bridge loans from $10,000,000 to $50,000,000. With a focus in California, the portfolio lender will fund up to 60% of value with terms up to one year before extension options. Program highlights include no prepayment and interest only. Decision making is flat and seven-business day close is their normal execution.

George Smith Partners is working with a private bridge lender providing non-recourse short-term loans secured by first trust deeds on commercial and non-owner-occupied residential real estate in prime California markets. The loan product offers “Pay Rate Protection,” which reduces borrowers’ monthly payment to 4.99% per annum for the entire loan term and defers the remaining interest until loan pay-off without compounding interest. Leverage for Multifamily, Office, Retail, Industrial, Mixed-Use, Covered Land, and Non-Owner Occupied Residential up to 65% of As-Is value for transactions up to $10,000,000 with fixed interest rates between 7.99% and 8.99%. Transactions can be completed within two weeks and there are no prepayment penalties.

George Smith Partners is working with a nationwide lender and equity investor. Funding transactions from $2,000,000 – $20,000,000 for hospitality, industrial, office, retail, self-storage, single-tenant, assisted living and multifamily. The lender offers bridge financing starting at 8% with terms up to three years and 85% of cost. Value add, distressed and opportunistic opportunities are 90% of total equity for 12-60 months for a joint venture, preferred equity, mezzanine or GP co-invest structure.

George Smith Partners is working with a national portfolio capital provider structured with no pre-payment penalty.  Transactions in primary and secondary markets from $2,000,000 to $15,000,000 fixed for 5+5 and seven year terms.  This recourse lender will advance to 75% of appraised value assuming a 1.25 DSCR on in-place cash flow for income properties and offers a 30 year amortization.  Most loans close within 60 days and there is no minimum interest or prepayment penalties.  Application fees and bank closing costs (excludes 3^rd party charges) are waived on new opportunities for the next three months.

George Smith Partners is working with a national portfolio lender offering permanent and construction-to-perm loans for Industrial Warehouse product ranging from $10,000,000 to $65,000,000. With the ability to advance up to 75% for existing construction/permanent properties, pricing starts at 4% for existing assets and 5% for construction. Spec deals without preleasing are considered. The lender offers a flexible prepayment structure, with I/O during construction and lease up. Additional flexibility available on pricing on a case by case basis.

George Smith Partners is working with a national lender offering preferred equity programs for office, urban retail and multifamily properties ranging from $5,000,000 to $50,000,000 in primary and secondary markets. With the ability to advance 90% of purchase price for new acquisitions, refinancings, recapitalizations, restructurings, DPOs, workouts and partner buy-outs pricing starts at 8% for terms up to seven years. The lender offers a flexible prepayment structure and future funding.

George Smith Partners is placing high leverage non-recourse bridge debt up to 80% + of cost through a national portfolio lender. Funding value add transactions from $4,000,000 to $50,000,000 the Capital Provider offers flexible loan structures with terms up to 5 years. Floating rate pricing starts from LIBOR + 290. Lender has a particularly strong appetite for Multifamily product in secondary markets nationwide. Other property types they will finance are: Office, Retail, Industrial and Hospitality.

George Smith Partners is working with a national capital provider funding non-recourse bridge and mezzanine debt to 85% of value. The Lender offers flexible loan structures with interest only terms up to 6 years (inclusive of extension options) for transactions from $10,000,000 to $75,000,000. Floating rate pricing starts at LIBOR + 275. The Lender has a strong appetite for Multifamily, Office, Industrial, Retail and Hospitality properties located in primary, secondary and tertiary markets.

George Smith Partners is working with a national capital provider that will provide non-recourse floating and fixed rate bridge financing up to 80% of cost for commercial real estate value add opportunities, with future funding for leasing, capital work, interest/carry and earnouts. With terms up to 5 years, the loan sizes range from $3,500,000 to $35,000,000 (and larger for portfolios) and floating pricing from +/-300 bsp over LIBOR and fixed pricing from 4.75%. Program highlights include no interest on unfunded future dollars, no minimum initial cash flow requirement at closing and flexible prepayment.