Private Money Loan for Mission Beach Rental Home Purchase in San Diego, California

Funded by SDC Capital

$1,200,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

11/06/2020

Property Type
Single Family Residence
Property City

San Diego

Property State

CA

Loan Term (months)

6

Lien Type

1st Mortgage

Loan-to-Purchase Price

75%

Borrower's Contribution to Purchase

25%

Source of Borrower's Contribution

Cash

Property Neighborhood

Mission Beach

Exit Strategy

Conventional Loan

Deal Highlights

Previous lender (bank) was taking too long & the contingency periods were running out.
Our loan allowed them to complete the exchange & gave them enough time to refinance.

Deal Summary

SDC Capital funded a $1.2M private money loan for the purchase of 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. This private money loan was funded in November 2020.

Funded By

SDC Capital

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