Purchase Bridge Loan for Multifamily Property in Los Angeles, California

Funded by SDC Capital

$806,250

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

01/15/2019

Property Type
Multifamily
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 Highlights

Borrower was able to close 2 weeks early.
No appraisal required.

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.

Funded By

SDC Capital

Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.