Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/01/2018
Property Type
Industrial
Property City
Los Angeles
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Interest Rate
8.99%
Deal Summary
Private Mortgage Fund, a direct California private lender, funded a $3,000,000 1st lien position bridge loan for the acquisition of a two-building industrial property in Los Angeles, CA. We were able to fund the loan in 7 days at an 8.99% interest rate with no appraisal, no credit, no prepayment penalties, and no Borrower financials. This CRE purchase bridge loan was funded in February 2018.