Los Angeles, CA
Commercial Property Value Add02/08/2021
SDC Capital, a direct lending firm in Burbank, funded a $1,589,000 private money loan for the purchase and rehab of a 6-unit multifamily building in Los Angeles. The Borrower, a repeat client, was under contract to buy the property which needs a lot of work, including a soft-story retrofit. The borrower's plan is to renovate the entire property and bring rents up to market. They needed a bridge loan that included cash to help fund the renovations. They knew they could count on SDC to quickly deliver fair and simple terms. We inspected the property ourselves to confirm the value and LTV of 72%. Our familiarity with the borrower and their execution allowed us to confidently underwrite this loan and close fast with very competitive pricing. The interest rate is 7.90%, and we only charged 1 point for the origination fee. The loan term is 12 months and was funded in February 2021.