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BEVERLY HILLS, CA-Locally based Lion Capital Group reports that the buyer of an 11,000-square-foot vacant office building in Los Angeles has secured a 10-year fixed loan at 90% LTV and a 5.73% interest rate despite the challenges of financing in today’s market. Sherwin Aryeh of Lion Capital, who arranged the financing, tells GlobeSt.com that the borrower acquired the office building from a locally based seller for $4.2 million and plans to occupy it as an owner-user.

“Despite the challenges faced in obtaining financing in today’s credit markets, a letter of intent was issued within five business days and all agreed-upon terms in the initial letter came to realization,” with the loan closing in less than 60 days, Aryeh says. He says that although the property’s replacement value and as-is value were well below the purchase price, LCG was able to convince the lender that a 90% LTV loan was suitable because the buyer would be paying a similar amount on its mortgage as it paid in rent to its previous landlord.

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