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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/15/2022
Property Type
Property City
Los Angeles
Property State
CA
Loan Term (months)
24
Lien Type
1st Trust Deed
Payment Type
Amortized
Property Value
$1,600,000
Loan-to-Value
25%
Property Neighborhood
Boyle Heights
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Vacant
Building Square Footage
3,200
Lot Acreage
4878
Borrower's Plan
Lease Property
Exit Strategy
Conventional Loan
Interest Rate
7.75%
Origination Points
2.5%
Deal Summary
Diversified Mortgage Company, one of California’s oldest and lowest-priced private lenders, funded a $400,000 equity cash out hard money loan in 1st lien position secured by a single-tenant warehouse building in the Boyle Heights neighborhood of Los Angeles, CA. The property value was estimated to be $1,600,000 so our loan-to-value was 25%. The subject property was in fair condition and vacant at closing. The building was approximately 3,200 square feet set in a 4878-acre lot. The Borrower plans to lease the property and eventually refinance with a conventional loan. The interest rate was 7.75% with amortized payments. We charged 3% origination points. The loan term was set at 24 months. This hard money 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