La Jolla, CA
Equity Cash Out06/01/2020
In June 2020, SDC Capital funded a $384,000 private money loan secured by a condominium unit in La Jolla, San Diego County. The borrower needed cash out to pay down some expensive business debt that was coming due. He owned a free-and-clear two-bedroom condo that was leased to a tenant who was considered high-risk for Coronavirus complications. They didn't want anyone entering the unit. We pride ourselves on being able to work through all borrower scenarios if we have a good asset and a reasonable loan request. Fortunately, we felt we could value the unit through tenant-provided videos and pictures and determined the value to be around $640,000. After careful consideration we were able to provide the borrower with a 60% LTV cash-out loan at 8.99% and 1.50 points.