Acquisition of 35-Unit Torrance Apartment Building

 In RECENT TRANSACTIONS

Torrance3

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.

Transaction:Purchase
Loan Amount:$4,000,000
Purchase Price:$6,950,000
Collateral:22,000 square foot, 35-unit Apartment Building, on a 32,000 square foot lot
Term:6 months
Rate:7.90% interest only
Origination Fee:1.00 point
Prepayment Penalty:None

 

 

 

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