Los Angeles, CA
Commercial Property Value Add04/16/2021
SDC Capital, a direct private lender based in Burbank, funded a $1.4M bridge loan for the purchase of a multifamily property in Los Angeles. A repeat borrower was under contract to purchase the 12-unit property which needed a lot of work. The borrower's plan was to renovate the property inside and out and bring rents up to the market. They needed a bridge loan that included cash to help fund the renovations. As a repeat borrower, they knew they could count on us to quickly deliver fair and simple terms. We inspected the property ourselves and did not require an appraisal. We provided the borrower with a $1,430,000 loan for a 12-month term. The interest rate was 6.99%, and the loan-to-completed value was 65%. This multifamily value-add project was funded in April 2021.