2-4 Units Residential
SDC Capital, a direct private lender based in Burbank, funded a $365,750 bridge loan for the purchase of a 4-unit residential property in Lynwood, South Central LA, California. Just prior to the announcement of shelter-in-place orders during the Pandemic, the borrower was under contract to buy the property. We agreed to terms before the state went on lockdown. Everything changed and nobody knew what the next 30 days would look like. We worked diligently with the borrower and stayed committed to a loan that worked for all parties. The LTP (loan-to-purchase) was just 55% since the borrower brought 45% cash to the closing table. Our interest rate was 7.99% plus an origination fee of 1 point. This residential property bridge loan was funded in April 2020.