Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/23/2018
Property Type
Property City
Los Angeles
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Deal Summary
DML Capital, a direct lender for investment property bridge loans, funded a $900,000 1st lien position bridge loan secured by a mixed-use property in Los Angeles, CA. The Borrower is named as a trustee for the trust of her deceased longtime boyfriend. The trust consists of 5 properties, inclusive of the subject property. While she is the trustee for the real estate assets, she is not named on the checking and savings accounts for the deceased. As such, $280K will remain frozen as the court administers the will to transfer the cash assets to the Trust and thereby to the Borrower. However, since his passing, the Borrower has been unable to make payments on the subject property which has been vacant to expedite a sale. The bank that holds the existing first lien on the subject property has moved to foreclose. The purpose of this loan was to satisfy the existing loan, property taxes, insurance, and provide 6 months of capital to satisfy the interest payments on the new loan. This refinance bridge loan was funded in October 2018.