Venice, CA

$2,400,000

Multifamily

Purchase

10/31/2019
Transaction by
SDC Capital
SDC Capital, a direct private lender based in Burbank, funded a private money loan for the purchase of a 6-unit multifamily property in Venice, California. 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.