San Diego, CA

$1,200,000

Single Family Residence

Purchase

11/06/2020
Transaction by
SDC Capital
In November 2020, SDC Capital funded a $1.2M private money loan for the purchase of a residential property in Mission Beach, San Diego. The Borrower had been working with a conventional lender to complete a 1031 exchange, but the bank was taking too long, and the contingency periods were running out. They had lost faith in the bank's ability to deliver and were tired of the strict requirements involved with conventional loans. They needed to find some fast money to close the transaction, so they brought the deal to us. Together we came up with a plan to finance a 6-month loan at 75% of their purchase price. Our private mortgage enabled them to complete their exchange and gave them enough time to go through the lengthy process of refinancing into a conventional loan.