Purchase Bridge Loan for SFR in Sherman Oaks, California

DML Capital, a direct lender for investment property bridge loans, funded a $1,350,000 1st lien position bridge loan for the acquisition of a single-family residence in Sherman Oaks, CA. The Borrower owns and operates a nursing school in the LA area. The Borrower had excellent credit and an income of $1.2MM per year, which has been substantiated by bank statements. He had a substantial net worth backed by 6 properties in the San Fernando Valley and his home in Stevenson Ranch. The Borrower is in escrow to purchase the property; however, the traditional financing fell through given limited trade lines and fell just outside the desired debt-to-income ratio. The loan is anticipated to be refinanced in the next 3 months. This is a non-owner-occupied investment property. This SFR purchase bridge loan was funded in July 2019.