Grocery store refinance
40% LTV, 2.4 DCR
Two national chain grocery stores in prime Los Angeles locations with strong sales. Loan terms included a 67 basis point spread over the ten-year treasury, yield maintenance after a three-year lock-out, and a seven month free rate lock. No lender fee.
Office building refinance
60% LTV, 1.70 DCR
Aggressively priced 5 year floating rate LIBOR facility. At borrower's request a competitive bid was conducted amongst interested capital providers. Cutting edge terms included no reserves, customization of the recourse carve-outs, limitation of lender's approval rights, and borrower friendly provisions in the event of non-monetary default.
Retail/ mixed use Letter of Credit
100% of cost, 65% LTV, 1% interest rate
Structured acquisition financing to purchase a 4.5 acre in-fill site with an effective 1% annual interest rate. Existing improvements were functionally obsolete and seller desired to remain in occupancy until relocation to new facility. Our customer took title to property and gave seller a Letter of Credit, to be cashed upon earlier of 2 years or when seller vacates property. The LC fee was 1% per year.
Cash-out refinance, 78% LTV
High-leveraged second mortgages for three in-process condo conversion projects. All were nearly completed conversion in San Diego, CA, totaling 216 units. The conversions were 75% completed at the time of funding with 40% presales. The loans were approved in one day and closed within two weeks. Proceeds were used to comply with first mortgage lender's liquidity covenant.
|$ 5,400,000||Unanchored Retail||Las Vegas, NV|
|$ 1,900,000||Self Storage||Los Angeles, CA|
|$22,000,000||Unentitled Land||Santa Paula, CA|
|$11,000,000||Homebuilding Revolver||Orlando, FL|
|$ 8,000,000||Anchored Retail||Jacksonville, FL|
|$15,300,000||Office building||Charlotte, NC|
|$13,500,000||Anchored Retail||Eau Claire, WI|