representative financings

$16,050,000

Grocery store refinance
40% LTV, 2.4 DCR

Two national chain grocery stores in prime Los Angeles locations with strong sales. Loan terms included a 67 basis point spread over the ten-year treasury, yield maintenance after a three-year lock-out, and a seven month free rate lock. No lender fee.

$74,000,000

Office building refinance
60% LTV, 1.70 DCR

Aggressively priced 5 year floating rate LIBOR facility. At borrower’s request a competitive bid was conducted amongst interested capital providers. Cutting edge terms included no reserves, customization of the recourse carve-outs, limitation of lender’s approval rights, and borrower friendly provisions in the event of non-monetary default.

$15,000,000

Retail/ mixed use Letter of Credit
100% of cost, 65% LTV, 1% interest rate

Structured acquisition financing to purchase a 4.5 acre in-fill site with an effective 1% annual interest rate. Existing improvements were functionally obsolete and seller desired to remain in occupancy until relocation to new facility. Our customer took title to property and gave seller a Letter of Credit, to be cashed upon earlier of 2 years or when seller vacates property. The LC fee was 1% per year.

$9,000,000

Condo conversion
Cash-out refinance, 78% LTV

High-leveraged second mortgages for three in-process condo conversion projects. All were nearly completed conversion in San Diego, CA, totaling 216 units. The conversions were 75% completed at the time of funding with 40% presales. The loans were approved in one day and closed within two weeks. Proceeds were used to comply with first mortgage lender’s liquidity covenant.