Commercial Refinance Loan for Mixed-Use Property in Los Angeles, California

Funded by DML Capital

$900,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

10/23/2018

Property Type
Mixed-Use
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.

Funded By

DML Capital

Direct Lender for Investment Property Bridge loans in CA & WA | 1st or 2nd