Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/15/2019
Property Type
Property City
Huntington Park
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
7
Exit Strategy
Conventional Loan
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded an $806,250 (75% LTV) 1st lien position bridge loan for the acquisition of a 7-unit apartment building in Huntington Park, a city just five miles south of Downtown Los Angeles, California. This was a deal where the Borrower had intimate knowledge of the submarket and was already invested heavily in the area. The plan was to renovate the units and hold the property indefinitely for cash flow. The Borrower’s experience and extensive knowledge of the submarket gave us added confidence in our ability to close the deal quickly with no appraisal required. As a result, he closed two weeks early and received a $25,000 price reduction from the seller. The exit plan is to refinance with conventional financing during the 12-month term once rents are stabilized and renovations are complete. This purchase bridge loan was funded in January 2019.