Bridge Loan for Fourplex Property Purchase in Lynwood, California

Funded by SDC Capital

$365,750

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

04/15/2020

Property Type
2-4 Units Residential
Property City

Lynwood

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

Number of Units

4

Interest Rate

7.99%

Origination Points

1%

Deal Highlights

We agreed to terms before the state went on lockdown.
We worked diligently with the Borrower & stayed committed to a loan that worked for all parties.

Deal Summary

SDC Capital, a direct private lender based in Burbank, funded a $365,750 1st lien position bridge loan for the acquisition 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.

Funded By

SDC Capital

Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.