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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
01/19/2023
Property Type
Property City
Long Beach
Property State
CA
Loan Term (months)
48
Lien Type
1st Trust Deed
Payment Type
Amortized
Property Value
$2,150,000
Loan-to-Value
58%
Property Neighborhood
4th Street Corridor
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
6
Building Square Footage
4,300
Lot Square Footage
5,218
Borrower's Plan
Development
Exit Strategy
Sale
Interest Rate
7.5%
Origination Points
2.25%
Deal Summary
Diversified Mortgage Company, one of California’s oldest and lowest-priced private lenders, funded a $1,250,000 bridge loan in 1st lien position secured by a 6-unit multifamily property in the 4th Street Corridor neighborhood of Long Beach, CA. The property value was estimated to be $2,150,000 so our loan-to-value was 58%. The subject property was in fair condition and vacant at closing. The building was approximately 4,300 square feet set in a 5,218-square-foot lot. The Borrower plans to develop the property and eventually sell it as an exit strategy. The interest rate was 7.5% with amortized payments. We charged 2% origination points. The loan term was set at 48 months. This multifamily bridge loan was funded in January 2023.
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