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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
02/16/2024
Property Type
Property City
North Hollywood
Property State
CA
Loan Term (months)
12
Lien Type
2nd Trust Deed
Payment Type
Interest Only
Property Value
$2,300,000
Loan-to-Value
65%
Property Neighborhood
Toluca Lake
Location Type
Urban
Property Condition
Newly Renovated
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
2,472
Lot Square Footage
6,866
Borrower's Plan
Short-Term Rental
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Interest Rate
12%
Origination Points
2%
Deal Summary
Secured Capital Lending, a direct private lender, funded a $750,000 2nd lien position bridge loan secured by a single-family home in the Toluca Lake neighborhood of North Hollywood, CA. The property value was estimated at $2,300,000 so our loan-to-value was 65%. The Borrower was a seasoned rehabber experienced in fix-to-rent projects. They came to us requesting a 2nd trust deed to get cash out to use for rehab on two other pending rehab projects. The subject property was being used for short-term rentals through Airbnb. It is approximately 2,472 square feet set in a 6,866-square-foot lot. The Borrower had excellent credit. They plan to sell the pending rehab project as an exit strategy and use those proceeds to pay off our loan in 6-9 months. We were able to underwrite and fund the loan in under 10 days. The interest rate was 12% and we charged 2% origination points. The loan term was set at 12 months. This SFR refinance bridge loan was funded in February 2024.
Funded By
Secured Capital Lending
Direct Private Lender for California Investment Properties
Dealmakers
Sam Chivitchian
CEO/Fund Manager
As the visionary CEO of Secured Capital Lending and Fund Manager of SCL Funding, I bring a wealth of experience and insight to the forefront of real estate financing. Under my leadership, Secured Capital Lending has flourished, becoming a pivotal force in providing innovative private lending solutions tailored for real estate investors and brokers. My strategic approach and commitment to excellence have not only propelled the company's growth but also solidified its reputation as a trusted partner in achieving financial success. With a keen eye on market trends and a passion for empowering clients, I continue to drive Secured Capital Lending towards new heights, ensuring our clients' ventures are both profitable and sustainable.