$13,000,000 for 96 Condo Units in San Luis Obispo
Lone Oak Fund recently closed a $13,000,000 loan secured by 96 condominium units in San Luis Obispo. The 96 condos, consisting of studios, 1 bedroom, and 2 bedroom units, are fully leased for over $110,000 per month. The owner needed a lender who could finance the broken condo project to pay off the existing debt that came due. The Borrower’s exit strategy is to sell off the condos individually.
Lone Oak Fund provided a 59% LTV first trust deed for 24 months, priced at 7.90% interest only and 2.0 points. Lone Oak Fund included partial release provisions and did not require a personal guaranty. As always, there is no prepayment penalty. The mortgage broker earned 1.0 point on this transaction.