San Luis Obispo Office Acquisition
Lone Oak Fund provided $3,000,000 in financing for the acquisition of two adjacent office buildings in San Luis Obispo, California. The Borrower acquired both office buildings for $4,000,000 through a standard sale. Lone Oak Fund was able to provide 75% LTC by cross-collateralizing an adjacent retail property. The 12-month loan is priced at 7.90% interest only. The Borrower intends to pay off the Loan with conventional financing as soon as the office buildings are leased up. There is no prepayment penalty on the Loan.