Hard Money Loan for SFR Purchase in Duarte, California

Funded by S&L Capital Group

448,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

10/31/2022

Property Type
Single Family Residence
Property City

Duarte

Property State

CA

Loan Term (months)

12

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$448,000

Loan-to-Purchase Price

80%

Borrower's Contribution to Purchase

20%

Source of Borrower's Contribution

Cash

Property Condition

Poor

Occupancy at Closing

Vacant

Number of Units

1

Building Square Footage

1,542

Lot Square Footage

6,940

Borrower's Plan

Rehab and Sell

Exit Strategy

Sale

Borrower Credit Rating

Average

Deal Summary

S&L Capital Group, a California-based lending firm, funded a $448,000 hard money loan secured by a single-family residence in Duarte, LA County, California. The purchase price was $560,000. S&L Capital funded 80% of the purchase in 1st lien position, and the Borrower contributed a 20% cash down payment of $112,000. The Borrower elected for a purchase bridge loan and will self-finance the rehab. Due to the speed of the Borrower’s renovations, dealing with fund control tends to slow down his process. Our client will be putting in about $60,000 worth of renovations before relisting the property for sale within the 12-month loan term. The subject property is approximately 1,542 square feet on a 6,940 square foot lot. It was sold by a Trust, and this was the first time it exchanged hands since 1975. It was in poor condition and vacant at the time of closing. This hard money loan was funded in October 2022.

Funded By

S&L Capital Group

Brea, CA

Dealmakers

President

Corey Siegel

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