Bridge Loan for 8-Unit Multifamily Purchase in Lynnwood, California

Funded by Diversified Mortgage

1,300,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

12/02/2022

Property Type
Multifamily
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 Highlights

We closed within a week with no financials required.
Low-interest rate, fixed for 4 years.

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

Our Current Maximum Fixed Interest Rate is 7.95% for 4-year term and 7.75% for 2-year term

Dealmakers

Mike Meisenbach, CPA

Loan Agent

CA DRE Lic. 01049908

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