LOF Teams With 2nd TD Lender to Fund Acquisition
Lone Oak Fund, LLC provided $2,550,000 in acquisition financing for the purchase of a 2 story, 5,000+ square foot Mediterranean-style home in the Los Feliz are of Los Angeles, CA. The 6 month loan was priced at 7.90% interest only, with an origination fee of 1.50 points, and a 6 month extension option at 8.30% interest only and 1.00 point. Per usual, there is no prepayment penalty.
To bring in additional leverage, Lone Oak sourced a 2nd Trust Deed from Partners Capital Finance, Inc., who cross-collateralized the subject property with one of Borrower’s other investment properties, for a combined LTC of 75%. Borrower intends to perform minor rehabs on the Los Feliz SFR and put it back on the market once completed.
|Collateral:||2 story, 5,000+ square foot, Spanish Mediterranean SFR, on a 36,000 square foot lot|
|Rate:||7.90% interest only|
|Origination Fee:||1.50 points|
|Extension Option:||6 months at 8.30% interest only and 1.00 point|