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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/31/2022
Property Type
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
Corey Siegel
President