9 – 3 – 2014
Multiple California and West coast Banks are aggressively chasing existing multifamily – creating a void for construction capital under $5,000,000. GSP identified a regional bank funding commercial and multifamily projects to 75% of cost. Transactions from $1,000,000 to $5,000,000 are priced from 5.25% for 12 months on industrial, self-storage, office condos and other commercial use products. Mini-perms may be secured at stabilization although there is no prepayment or exit fee should the construction loan not be rolled.
