Bridge Loan for Owner-User Industrial Property Purchase in Richmond, CA

Funded by Diversified Mortgage

1,099,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

10/01/2022

Property Type
Industrial
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

Our Current Maximum Fixed Interest Rate is 7.95% for 4-year term and 7.75% for 2-year term

Dealmakers

Loan Agent

Mike Meisenbach

CA DRE Lic. 01049908

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