La Mirada, CA
2-4 Units Residential
SDC Capital, a direct private lender based in Burbank, funded a hard money loan for the purchase of a 4-unit residential property in La Mirada, LA County, California. 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.