Hot Money

George Smith Partners is working with a national capital provider funding high leverage, non-recourse Build-to-Rent developments, Single Asset/Portfolio construction, Bridge & Term loans and Multifamily Construction loans for merchant home builders on “For Sale” product. Pricing starts at 7% with leverage up to 90%. The maximum loan amount per deal is $40,000,000.

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 but will allow a recorded second Deed of Trust behind them up to 85% of value. With terms up to one year, 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 placing high leverage non-recourse bridge debt up to 80% + of cost through a national portfolio lender. Funding value-add transactions from $2,000,000 to $30,000,000 the Capital Provider offers flexible loan structures with terms up to 5 years. Floating rate pricing starts from SOFR + 325 – 425 (SOFR floor of .25%). The Lender has a particularly strong appetite for multifamily (including fractured condos), retail, office, industrial, self-storage, and mobile home parks located in the growth areas in the south, Texas, Florida, Georgia, Ohio, and Kentucky.

George Smith Partners is working with a national lender providing non-recourse bridge financing for multifamily, office, industrial, self-storage, limited-service hotels, retail, office, and student housing projects up to $100,000,000. With the ability to advance 85% of cost, pricing starts at 3% for terms up to three years. The lender can close quickly.

George Smith Partners identified an equity provider offering LP Capital for value add to opportunistic real estate investments throughout the United States. With financing starting at $5,000,000 and going to $15,000,000 this equity provider is open to all property types across the investment life cycle with focus on multifamily, single family, and retail. The hold period is 2-5 years (longer for stable, cash flowing deals).

George Smith Partners is working with a nationwide direct balance sheet lender offering non-recourse, interest only bridge financing that focusses primarily on multifamily, office, industrial, retail, mixed-use, parking, self-storage, manufactured housing, hospitality and SFR portfolios. Rates start at 3% for loans up to $50,000,000. Typical loan structures include two- or three-year initial terms with extensions up to 2 years, 80% LTV for multifamily and industrial and 70% LTV for other product types. Lender will consider requests for acquisition, refinances, equity recapture, renovations and DPO’s for loans up to $40,000,000.

GSP is actively placing permanent debt financing for office, industrial, multifamily, retail, and self-storage. With loan sizes up to $10,000,000, fixed rate pricing starts at 3%. They offer 75% of value subject to actual current debt service requirements and with terms up to 15 years (fixed period reset option 3,5,7-years) amortized over 30 years. There is never any prepayment penalty.

George Smith Partners identified a capital provider offering Opportunity Zone Equity for multifamily projects for top MSA’s. They are writing equity checks between $10 and $25 million per deal.

George Smith Partners identified a hotel financier funding acquisition, refinance, and PIP/Renovation in the Western United States. Fixed rates are between 5.50% and 6.25% and floating rates start at Prime + 2% and up, for loan terms up to 7 years, and leverage up to 65% of value. Reserves are required for operating deficits and debt service where needed. SBA financing is available for properties located in California, Idaho, Utah, and Arizona for non-CBD locations for loan amounts up to $12.5 million (504) and $5 million (7a). Rates for the 5-year fixed (504) are 6.5% Floor and floating rates (7a) – P + 275. Leverage is up to 75% of value with 10, 20, or 25 year terms.

George Smith Partners is placing non-recourse financing for permanent transactions up to $40,000,000 for properties in California and major metros in all western states. The Lender will finance stabilized income-producing projects for office, industrial, multifamily, industrial, retail, Manufactured Home Parks, and will consider some special purpose assets on a case-by-case basis. Rates start at 3% and can be locked at application. With terms up to ten years, loan sizing is 50% of value for multifamily and industrial and 40% of value for retail and office.

George Smith Partners is actively placing five- and seven-year perm-debt with a California based portfolio lender financing up to $18,000,000 for office, industrial, multifamily, and retail properties. A 5+5+5 term structure is also available for a 15-year term with rate resets. The zero-prepayment penalty allows for total flexibility to take advantage of future capital appreciation, sale or further rate reductions. Rates range from 3.75% to 4.25% to a 1.20 DCR.

George Smith Partners is working with a national balance sheet lender funding non-recourse bridge debt up to 85% of value. Rates start at 3.15% for multifamily, healthcare, student housing and manufactured housing projects for 3-year terms plus extensions. The lender has an appetite for transactions starting at $10,000,000. In-place cash flow at funding is required as low as a 4.5% debt yield (net cash flow divided by the loan amount) assuming an “as stabilized” 7.75% debt yield upon exit.