Bridge Loan for Mixed-Use Property Purchase in Los Angeles, CA

Funded by Diversified Mortgage Company

750,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

09/01/2022

Property Type
Mixed-Use
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.

Funded By

Diversified Mortgage Company

Our Current Maximum Fixed Interest Rate is 7.75% for 4 years term and 7.5% for 2 years term.

Dealmakers

Loan Agent

Mike Meisenbach

CA DRE Lic. 01049908

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