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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/31/2019
Property Type
Property City
Venice
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
70%
Number of Units
6
Interest Rate
7.49%
Origination Points
1%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $2,400,000 1st lien position private money loan for the purchase of a 6-unit multifamily property in Venice, CA. A mortgage broker came to us looking for a quick closing for his client who needed to close very fast. The Buyer was beyond his closing date, and the seller was getting impatient. We immediately inspected the property, completed our due diligence and provided the Borrower with a loan commitment. Given our ability to underwrite the property value ourselves, no appraisal was required. As a result, we were able to close the loan quickly at a loan-to-value of 70%. Our interest rate was 7.49% plus an origination fee of 1 points. This private money loan was funded in October 2019.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.