Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/15/2022
Property Type
Property City
San Fernando
Property State
CA
Loan Term (months)
60
Lien Type
1st Trust Deed
Payment Type
Amortized
Property Value
$1,350,000
Loan-to-Value
48%
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Partially Occupied
Number of Units
6
Building Square Footage
4,265
Lot Square Footage
7,492
Borrower's Plan
Rehab and Rent
Exit Strategy
Sale
Interest Rate
7.75%
Origination Points
2.5%
Deal Summary
Diversified Mortgage Company, one of California’s oldest and lowest-priced hard money lenders, funded a $650,000 loan in 1st lien position secured by a 6-unit mixed-use property in San Fernando, CA. The property value was estimated to be $1,350,000 so our loan-to-value was 48%. The property had 1 retail unit and 5 apartments. It had a structural issue, an unreinforced tuck under the parking spaces, but that did not prevent us from funding the loan. The subject property was in fair condition and partially occupied at closing. The building was approximately 4,265 square feet set in a 7,492-square-foot lot. The Borrower plans to lease the property upon completion of rehab, and eventually sell it as an exit strategy. The interest rate was 7.75% with amortized payments. We charged 3% origination points. The loan term was set at 60 months. This hard money 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