Bridge Loan for SFR Purchase in Rancho Cucamonga, California

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

08/27/2021

Property Type

Single Family Residence

Property City

Rancho Cucamonga

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Purchase Price

72.63%

Source of Borrower's Contribution

Cash

Deal Highlights

Entry was difficult for the subject property so scheduling an appraisal was next to impossible.

We gained access for a quick walkthrough & brought this file to docs w/ only an internal valuation.

Appraisal was waived for the client.

For this deal, we stressed ease in our process & closed ahead of schedule.

Deal Summary

S&L Capital Group, a California-based lending firm, provided a $345,000 bridge loan in order for its client to secure a flip in Rancho Cucamonga, CA. Entry was difficult for the subject property so scheduling an appraisal was next to impossible. The company was able to gain access for a quick walkthrough of the property and brought this file to docs with only an internal valuation and waived the Appraisal for the client. This acquisition was sourced off market through a wholesaler within the borrower’s network. The borrower was a licensed CA DRE Broker. 72.63% LTP, no fund control. The loan term was set at 12 months. This SFR bridge loan was funded in August 2021.

As a Company, we have witnessed that agents and brokers are taking down more deals themselves. For this deal, we stressed ease in our process and were able to get him to the funding table ahead of schedule.