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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/15/2020
Property Type
Property City
Norwalk
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
55%
Borrower's Contribution to Purchase
45%
Source of Borrower's Contribution
Cash
Interest Rate
7.99%
Origination Points
1%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $770,000 1st lien position bridge loan for the purchase of a 6-unit multifamily property in Norwalk, Los Angeles County, CA. Other lenders had halted all lending activity or couldn’t accommodate the Borrower’s needs. Fortunately, we had adjusted our lending programs to account for the new, uncertain economy and this deal was a perfect fit. The LTP (loan-to-purchase) was just 55%. The Borrower brought 45% cash to the closing table. We were able to work with the Borrower and combine efforts to safely inspect the property and underwrite the value, with no appraisal and no hassle. As a result, the deal closed without any issues or delays. Our interest rate was 7.99% plus an origination fee of 1 point. This bridge loan was funded in April 2020.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.