Refinance of Adjoining Custom SFRs

 In RECENT TRANSACTIONS

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 TypeTwo adjoining, custom SFRs, each approximately 5,000 square feet, on a combined 22,000+ square foot lot.
Transaction TypeRefinance
Loan Amount $3,100,000
Loan to Cost60%
Rate & Term12 months at 7.90% interest only for months 1-6, and 8.30% interest only for months 7-12
Origination Fee1.5 points
Extension OptionUp to 6 months at 8.60% interest only and 1.00 point
Prepayment PenaltyNone

 

 

 

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