Acquisition Financing for Multifamily
Lone Oak Fund provided a 2-month loan for half of a point on an 8-unit apartment acquisition in Garden Grove. The Borrower was qualified for conventional financing, but the bank was unable to close in time. The Borrower was at risk of losing his deposit and needed a lender who could close quickly. Lone Oak Fund provided a $750,000 2-month loan with no prepayment penalty at 8.30% interest only. The Borrower expects the Loan to be paid off within a few weeks, once the bank is able to perform.