Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
11/18/2021
Property Type
Property City
Oxnard
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Loan-to-Value
58.67%
Number of Units
8
Deal Summary
S&L Capital, a direct private lending firm in Southern California, funded a $1,320,000 cash-out refinance secured by an 8-unit multifamily property in Oxnard, CA. This deal was referred over from a commercial real estate broker in Ventura County. His client was in Escrow to close on another multifamily acquisition and wanted to leverage the subject property which was owned free and clear of any mortgages. Our cash-out loan provided the funds needed to close on the purchase with an all-cash offer. The loan-to-value was just 58.67%, and the loan term was set at 12 months, with no prepayment penalty. We charged a 1% origination fee. We did not require an appraisal or a due diligence deposit, and we also did not require a personal guarantee. This private money loan was funded in November 2021.