Refinance of Adjoining Custom SFRs
Lone Oak Fund, LLC provided a $3,100,000 loan to the owner of 2 high-end, custom built SFRs in a prime neighborhood in the San Fernando Valley. Lone Oak refinanced the properties at 60% LTV. The 12 month loan was priced at 7.90% interest only for the first 6 months, 8.30% for the last 6 months, and 1.50 points. Borrower was also given a 6 month extension option at 8.60% and 1.00 point. Borrower will use the funds to pay off existing loans as well as invest in a new project.
|Property Type||Two adjoining, custom SFRs, each approximately 5,000 square feet, on a combined 22,000+ square foot lot.|
|Loan to Cost||60%|
|Rate & Term||12 months at 7.90% interest only for months 1-6, and 8.30% interest only for months 7-12|
|Origination Fee||1.5 points|
|Extension Option||Up to 6 months at 8.60% interest only and 1.00 point|