)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/26/2019
Property Type
Property City
Bell Gardens
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
35%
Borrower's Contribution to Purchase
65%
Source of Borrower's Contribution
Cash
Loan-to-Value
55%
Number of Units
5
Exit Strategy
Conventional Loan
Interest Rate
6.99%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $596,750 1st lien position bridge loan for the acquisition of a 5-unit multi-family property in Bell Gardens, Los Angeles County, CA. The Borrower, a repeat client, plans to renovate the property, increase rents and refinance our loan with a conventional loan upon completion of the rehab project. The Borrower put up 35% of the total project costs, and we funded the remaining $596,750 loan. The renovations will increase the value and result in a 55% LTV. Our interest rate was 6.99% with a loan term of 12 months and no pre-payment penalties. We also did not require an appraisal. This private money bridge loan was funded in June 2019.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.