Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/30/2022
Property Type
Multifamily
Property City
Paramount
Property State
CA
Loan Term (months)
48
Lien Type
1st Trust Deed
Purchase Price
$849,000
Loan-to-Purchase Price
66%
Borrower's Contribution to Purchase
34%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
6
Interest Rate
7.5%
Deal Summary
Diversified Mortgage Co., one of California’s oldest and lowest-priced private lenders, funded a $560,000 bridge loan in 1st lien position for the acquisition of a 6-unit multifamily property in Paramount, CA. DMC funded 66% of the $849,000 purchase price, while the Borrower contributed 34% cash at closing. The interest rate was 7.5%, fixed for 4 years. The subject property was in good condition and tenant-occupied at closing. This bridge loan was funded in November 2022.
Dealmakers
Mike Meisenbach
Loan Agent
CA DRE Lic. 01049908