North Star Lending made a $1,700,000 commercial purpose loan secured by a deed of trust lien against a large commercial property (multiple lots and improvements) — retail and office — on a major Los Angeles, California thoroughfare on the following terms:
• Loan Amount: $1,700,000
•Term: 12 months
•Fixed Rate: 9.985% per annum
•Points: 2.5 points
•Collateral: 2nd priority lien
•Personal guaranty from a qualified, credit-worthy principal of the borrower
•1 x 12 month extension option for a 1% fee with interest-rate re-set at time of exercise
•Interest only monthly installment payments with a balloon payment at time of maturity
- Property Type : SFR
- Loan Type : Bridge Loan
- State : California
- City : Los Angeles
- Funded Amount : $210,000