Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/01/2022
Property Type
Property City
Los Angeles
Property State
CA
Loan Term (months)
48
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$1,153,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Rate Type
Fixed
Property Neighborhood
East Echo Park
Location Type
Urban
Occupancy at Closing
Tenant-Occupied
Number of Units
3
Borrower's Plan
Continue Rental
Exit Strategy
Conventional Loan
Interest Rate
6.95%
Deal Summary
Diversified Mortgage Company, one of California’s oldest and lowest-priced direct private lenders, funded a $750,000 bridge loan for the purchase of a mixed-use property in the East Echo Park neighborhood of Los Angeles, California. The purchase price was approximately $1,153,000. DMC funded 65% of the purchase in 1st lien position, and the Borrower contributed 35% cash. We charged a 6.95% fixed interest rate with a loan term of 48 months. The property has 2 retail units and 1 residential unit. All 3 were leased at the time of closing. The Borrower used private financing in order to close fast. They plan to eventually refinance with a conventional lender. This mixed-use bridge loan was funded in September 2022.
Dealmakers
Mike Meisenbach
Loan Agent
CA DRE Lic. 01049908