San Pedro, CA

$375,000

2-4 Units Residential

Purchase

09/29/2021
Transaction by
S&L Capital Group
S&L Capital Group funded a $375,000 bridge loan for the purchase of an off-market duplex in the city of San Pedro, near Long Beach, CA. The Borrower is an experienced real estate investors with a sizable portfolio of properties. Not only were they juggling a 1031 exchange, but to get the property under contract, they had to write a strong offer with a 10-day closing window. We executed with No Appraisal, No prepayment penalty, and no interest guaranty all while providing surety in the closing. Meeting this closing timeline would not have been achievable without the support of Escrow, Title, Insurance, a responsive Seller, Buyer and a strong mobile notary. Here is the timeline.... File received on Tuesday 9/21. Underwriting completed, docs sent out to Escrow and capital allocated on Wednesday 9/22. Borrower signed loan docs on Friday 9/24. S&L walked the property to verify the condition on Tuesday 9/28. Loan funded on Wednesday 9/29. The loan-to-value was a very conservative 52.82%. This residential property bridge loan was funded in September 2021.