LOF Teams With 2nd TD Lender to Fund Acquisition

 In RECENT TRANSACTIONS

1st2ndcombo

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.

Transaction:Purchase
Loan Amount:$2,550,000
Purchase Price:$4,250,000
Collateral:2 story, 5,000+ square foot, Spanish Mediterranean SFR, on a 36,000 square foot lot
Term:6 months
Rate:7.90% interest only
Origination Fee:1.50 points
Extension Option:6 months at 8.30% interest only and 1.00 point
Prepayment Penalty:None
Junior Financing:$637,500
Combined LTC:75%

 

 

 

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