• Balboa Financial arranged this 10-year, fixed-rate, non-recourse loan on a shopping center in Las Vegas with a California-based bank. The loan closed in November in the midst of the market meltdown at a 165 spread over the Treasury, was amortized over 30 years and had a 5, 4, 3, 2, 1, 0 prepayment schedule. Both anchor leases roll during the first five years of the loan, but LTV below 65% and below market rents allowed waiver of reserves. Up to three years of I/O is standard for this lender for loans at less than 70% LTV and 10-year fixed rate pricing as of 11/28/07 is 5.85%.
• At the end of November, Balboa Financial also closed a $3.8M 10-year, fixed-rate, non-recourse acquisition loan for 88 apartment units in Austin, which covered 92% of the purchase price and 83% of the total project cost including rehab dollars spent prior to closing.
Scott Duntley, President of Balboa Financial has been involved in all aspects of underwriting, structuring, placement and closing of nearly $1 billion in financing since the year 2000. Balboa Financial provides mortgage brokerage and joint venture capital advisory services for commercial real estate investors and has closed financing in Florida, Texas, Arizona, California, Oregon, Alaska, North Carolina, Colorado, Utah and Kentucky.
Balboa Financial is seeking to add new loan originators to its Newport Beach office.
For more information visit www.balboafinancial.com or call:
Scott Duntley, President
Balboa Financial
1500 W. Balboa Blvd.
Suite 202 A
Newport Beach, CA 92663
Phone: (949) 723-7007
Fax: (949) 723-7014
scott@balboafinancial.com
www.balboafinancial.com
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