Hard Money Loan for Duplex Purchase in Pasadena, California

S&L Capital Group, a California-based lending firm, provided a $634,000 bridge loan for a Duplex acquisition in Pasadena, CA. Our Borrower, a licensed real estate agent sourced the property through a wholesaler and had a tight closing timeline that needed to be met for him to avoid any per diem charges. From initial submission to funding, it took 15 calendar days to fund. Funding could have occurred sooner, but our Borrower had to wait a couple of days for the tenant to vacate the property. Since we allow for Junior Financing, our Borrower was able to record a junior loan from his Gap funder to reduce his cash to close and increase liquidity for the rehab. The Borrower plans on putting $92,000 into the property before listing it for sale. 75.75% LTP, no fund control. This hard money loan was funded in September 2021.