Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/08/2020
Property Type
Property City
Chatsworth
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Exit Strategy
Refinance
Deal Summary
The team at S&L Capital Group values its Broker relationships and can move quickly to salvage 1031 exchanges. This deal was referred over through a Broker. The Borrower had recently sold 1 investment property and had finally locked up the subject property as the second leg of his 1031 exchange. We were up against a tight closing window or else his 1031 was at risk of expiring.
Our Borrower needed a short-term bridge loan with no interest guaranty or prepayment penalty as his plan was to refinance into a permanent loan a few months down the road.
The team provided a 12-month bridge loan with no interest guaranty. This allowed the Borrower to complete his 1031 exchange and refinance the property as quickly as possible in order to keep overall holding costs down. This SFR 101 exchange bridge loan was funded in December 2020.