California Mezzanine Lenders
List of mezzanine lenders for California real estate. Mezz loans are primarily for the acquisition or refinance of commercial real estate, but some lenders offer it for residential investments. California property investors can add mezzanine junior financing to their capital stack to get higher leverage.
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Mezzanine Financing for Santa Barbara Multifamily Property Acquisition
$800,000
SDC Capital provided a mezzanine 2nd mortgage for the acquisition of a 28-unit multifamily property near Downtown Santa Barbara, California. The Borrowers had plans for a major renovation, and needed additional funds to close. They had already secured senior financing from a bank at a lower interest rate and brought a 36% down payment in cash. The combined loan-to-purchase with our $800,000 2nd mortgage was 66%. The Borrowers also funded all of the renovation costs with their own money, so our loan did not include any holdbacks. We priced this 2nd lien loan aggressively at 9.00% and 1.5 points, with a loan term of 24 months. We did not require an appraisal. This mezzanine loan was funded in July 2019.
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