Norwalk, CA

$770,000

Multifamily

Purchase

04/15/2020
Transaction by
SDC Capital
SDC Capital, a direct private lender based in Burbank, funded a $770,000 bridge loan for the purchase of a 6-unit multifamily property in Norwalk, Los Angeles County. 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 an issues or delays. Our interest rate was 7.99% plus an origination fee of 1 point. This bridge loan was funded in April 2020.