Venice Condos Purchase
Lone Oak Fund, LLC provided $4,670,000 in acquisition financing for the purchase of a 6-unit condo building, at an LTC of 65%. The 12 month loan was priced at 7.90% interest only for the first six months, and 8.30% interest only for the last six, with only 1.50 points and no prepayment penalty. The repeat borrower is a highly experienced developer and intends to reposition the currently rented condos for sale and sell all condos individually.
|Property Type||6-unit condo building; 11,500 square feet, on a 6,600 square foot lot.|
|Loan to Cost||65%|
|Rate & Term||12 months at 7.90% interest only for months 1-6, and 8.30% interest only for months 7-12|
|Origination Fee||1.50 points|