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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/02/2022
Property Type
Property City
Lynnwood
Property State
CA
Loan Term (months)
48
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$2,000,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Partially Occupied
Number of Units
8
Interest Rate
7.5%
Deal Summary
Diversified Mortgage Company, one of California’s oldest and lowest-priced private lenders, funded a $1,300,000 bridge loan 1st lien position for the acquisition of an 8-unit multifamily property in Lynnwood, CA. DMC funded 65% of the $2,000,000 purchase price, while the Borrower contributed 35% cash at closing. The Borrower liked our low-interest rate and our ability to close within a week with no financials required. The interest rate was 7.5%, fixed for a 4-year term. The subject property was in fair condition and partially tenant-occupied at closing. This bridge loan was funded in December 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