Purchase Bridge Loan for 7 units Multifamily in Victorville, CA

Funded by Diversified Mortgage Company

604,500

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

08/01/2022

Property Type
Multifamily
Property City

Victorville

Property State

CA

Loan Term (months)

60

Lien Type

1st Trust Deed

Payment Type

Interest Only

Purchase Price

$916,000

Loan-to-Purchase Price

66%

Borrower's Contribution to Purchase

34%

Source of Borrower's Contribution

Cash

Rate Type

Fixed

Location Type

Suburban

Number of Units

7

Borrower's Plan

Continue Rental

Exit Strategy

Refinance

Interest Rate

7.13%

Deal Summary

Diversified Mortgage Company, one of California’s oldest and lowest-priced private lending firms, funded a $604,500 bridge loan for the purchase of a 7-unit multifamily residence in Victorville, California. The estimated purchase price was $916,000. DMC funded 66% of the purchase in 1st lien position, and the Borrower contributed 34% cash. They did not qualify for conventional financing because a large percentage of the property was vacant. We charged a 7.13% fixed interest rate. The Borrower plans to refinance into a long-term rental loan within the 60-month loan term. This multifamily bridge loan was funded in August 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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