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This was a 62% loan to value with 18-month interest only period. The loan had a cash-out component to partially reimburse sponsor. Managing over $3 billion in asset, sponser is an Irvine-based private equity firm founded in 1996. Loan was approved in 40 days.
Based in Orange County, Sponsor is repeat client with a real estate portfolio under management of four million SF. Loan represented 61% Loan to cost secured by a 216,000 SF light industrial complex. Loan was approved in 44 days.
Loan represented 54% of the purchase price. Sponsor is high net worth individual who is a repeat customer. Sponsor, who is an experienced hotel owner and developer, bought subject property because of poor management by the prior owner. Loan was approved in 17 days.
This was acquisition financing of a shadow anchored retail center in Phoenix, AZ. Subject property was 96% occupied by 13 tenants. This was the 11th transaction with the sponsor, a Carlsbad-based real estate investment firm with a successful track record since 1996. Loan was approved in 26 days.
This was a 50% loan to cost. Sponsor is well experienced developer with proven 30-year track record in MFR development. The purpose of the loan was to recapitalize the sponsor's purchase of a 5,000 SF lot in downtown San Diego. Loan was approved in 24 days.
This was a 57% loan to cost acquisition financing to repeat customer and Los Angeles-based private equity firm. Built in 1964, Subject property is a two-story building with 32,000 SF in rental SF. Loan was approved in 49 days.
This was a 66% loan to cost with a 12 month interest only period period to allow customer to perform tenant improvements on the property. The property was 89% occupied at the time of purchase. days.
Our customer had bought the MFR properties in the late 90s and wanted to recapitalize investors. Silvergate provided a $2.1 million cash out and a non-recourse loan. Our loan represented less than 50% LTV. Loan was closed in 41 days.
Total purchase price was $12.6 million and Silvergate financed 66% of the purchase. Customer is an experienced developer and a high net worth individual. Loan was closed in 38 days.
Silvergate purchased a portfolio performing. The weighted average LTV was 48% and the DSCR was 1.54 times. Primarily located in Northern California, the average seasoning of the loans was 3 months. Portfolio was purchased in 34 days.