Acquisition of 35-Unit Torrance Apartment Building
Lone Oak Fund, LLC financed a $4,000,000 first trust deed, secured by a 35-unit apartment building in Torrance. The 6 month loan was priced at a low rate of 7.90% and only 1 point. The borrower, who is an experienced investor and manager, specializing in the Torrance area, came to Lone Oak looking for a quick close to beat out the competition even though he was able to qualify for a traditional bank loan. Now that the property has been acquired, borrower plans to refinance and pay off Lone Oak with a conventional loan.
|Collateral:||22,000 square foot, 35-unit Apartment Building, on a 32,000 square foot lot|
|Rate:||7.90% interest only|
|Origination Fee:||1.00 point|