Venice Condos Purchase

 In RECENT TRANSACTIONS

Venice11

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 Type6-unit condo building; 11,500 square feet, on a 6,600 square foot lot.
Transaction TypePurchase
Purchase Price$7,185,000
Loan Amount $4,670,000
Loan to Cost65%
Rate & Term12 months at 7.90% interest only for months 1-6, and 8.30% interest only for months 7-12
Origination Fee1.50 points
Prepayment PenaltyNone

 

 

 

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