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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/03/2020
Property Type
Property City
La Mirada
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$1,300,000
Loan-to-Value
70%
Interest Rate
8.5%
Origination Points
1.25%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $910,000 hard money loan for the purchase of a 4-unit residential property in La Mirada, LA County, CA. A mortgage broker came to us looking for a quick closing for his client who was under contract to purchase the property. The conventional lender declined his client at the last minute, and the Borrower had limited time remaining to complete her 1031 exchange. We immediately inspected the property and underwrote the value, without requiring an appraisal. We determined the value to be around $1,300,000 which puts our loan at 70% LTV. We closed the loan within 5 days. As a result, we saved the Borrower’s 1031 exchange and provided her with competitive terms of 8.5% interest plus 1.25 points origination fee. This loan was funded in March 2020.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.