Acquisition of Mixed-Use Retail Building
Lone Oak Fund, LLC provided $800,000 in acquisition financing on a 4,000 square foot mixed-use retail building in Pasadena. Borrower needed a quick close to beat out the competition and plans to refinance and pay off Lone Oak’s 1st Trust Deed with a traditional bank loan.
The 6 month, 50% LTV loan was priced at only 8.30% interest only, with 1.25 points origination fee and a 6 month extension option at 8.90% interest only, and 1.00 point. As always, there is no prepayment penalty.