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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/01/2022
Property Type
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
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