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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/01/2022
Property Type
Property City
Richmond
Property State
CA
Loan Term (months)
24
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$1,592,750
Loan-to-Purchase Price
69%
Borrower's Contribution to Purchase
31%
Source of Borrower's Contribution
Cash
Location Type
Urban
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Borrower's Plan
Continue Occupancy
Exit Strategy
Conventional Loan
Interest Rate
7.0%
Deal Summary
Diversified Mortgage Company, one of California’s oldest and lowest-priced private lenders, funded a $1,099,000 bridge loan for the purchase of a single-unit industrial property in Richmond, California. The estimated purchase price was $1,592,750. DMC funded 69% of the purchase in 1st lien position, and the Borrower contributed 31% cash. The Borrower had been leasing the property previously and worked out a deal with the previous owner to purchase it. They operated a food processing business. The interest rate was 7% and the loan term was set at 24 months. The Borrower plans to continue occupying the property and will eventually refinance with a conventional loan within 2 years. This industrial property bridge loan was funded in October 2022.
Funded By
Diversified Mortgage
Multifamily Bridge Loans only. Interest Rates are 8.5% for 4-year term, 8.25% for 2 years, 7.95% for 1 year.
Dealmakers
Mike Meisenbach
Loan Agent
CA DRE Lic. 01049908