For Real Estate Professionals Seeking a Market Edge
Treasury Extends Deadline for Participation in the Toxic Asset Program
In an effort to expand hedge fund and private investor participation in the purchase of toxic assets, the U.S. Treasury is relaxing existing qualifying criteria. On Monday, the Treasury relaxed the requirement that companies have a minimum of $10 billion in capital under management in order to participate; also emphasizing that the program is open to small business owners, as well as women and minority owned firms.
The Department will match the capital raised by private investors and provide government guarantees in reducing the risk for private investors; also stating it plans to consider opening the investment partnership to assets other than mortgage backed securities.
We will keep you posted…
$4,660,000 Loan Application for Retail Property
Penstar recently obtained an application for the purchase of a vacant single tenant retail property in Southern California. The lender provided a loan to 70% of total cost including a TI/LC reserve at Libor plus 350, interest-only for 2-years with a 1-year option. Although at the time of application, the borrower obtained expressed interest from several potential tenants in leasing the entire 16,000 square foot building, LOIs had yet to be executed. To discuss, please contact Steven Hamermesh, CEO, Penstar Net Lease Advisors, Inc. at (818) 883-9609 or Hamer@PenstarAdvisors.com.
Portfolio Lender Seeking $1 Million to $40 Million Owner Occupied Properties in Southern California
Penstar is working with a lender actively funding loans on owner-occupied properties located throughout Southern California. The lender will advance up to 70% loan to value at 300 to 350 basis points over Libor with no floor. The loans are amortized over a maximum of 30 years with 5, 10, or 15-year terms. All loans may be swapped into a fixed rate at any time during the loan term. To discuss, please contact Steven Hamermesh, CEO, Penstar Net Lease Advisors, Inc. at (818) 883-9609 or Hamer@PenstarAdvisors.com.
Helpful Humor
We at Penstar understand the challenges of the commercial real estate business. The best antidote for those challenging transactions is to take a moment to have a hearty laugh. Helpful humor is our way of infusing laughter into your work week. The anecdotes may not all be real estate themed but we hope you will enjoy them just the same.
No bills larger than $20 A friend and I were standing in line at a fast food restaurant, waiting to place our order. |
30
Day Libor |
10-Year
Treasury |
Prime |
0.45% |
2.92% |
3.25% |
Penstar Realty Advisors can be reached at (818) 883-8600 or at our offices located at:
21700 Oxnard Street, Suite 1870, Woodland Hills, CA 91367