Bell Gardens, CA
SDC Capital provided a bridge loan for the acquisition of a 5-unit multi-family property in Bell Gardens, Los Angeles County, California. 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.