Mission Viejo, CA
SDC Capital provided a bridge loan secured by a multi-tenant office building in Mission Viejo, Orange County, CA. The Borrower's previous mortgage was maturing, so we paid of the bank's loan balance of $1,100,000. We also provided a cash out 2nd mortgage of $220,000 for working capital. The estimated value was $2,200,000. We were able to accommodate the borrower's request of a conservative loan-to-value with very competitive terms of 7.99% and 1 point, with a loan term of 12 months. We funded quickly and did not require an appraisal. The property is an 8,000 square foot office condominium building with 12 units. At the time of funding, the building was 100% occupied and cash flowing. The Borrower has the property on the market and plans to pay off our loans upon the sale.