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Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
03/26/2024
Property Type
Property City
Los Angeles
Property State
CA
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$2,250,000
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Fair
Occupancy at Closing
Partially Occupied
Number of Units
6
Building Square Footage
7,400
Lot Square Footage
7,600
Borrower's Plan
Renovate Vacant Units
Exit Strategy
Refinance
Interest Rate
9.99%
Origination Points
1%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $1,575,000 1st lien position bridge loan for the acquisition of an 8-unit multifamily property in Los Angeles, CA. We funded 70% of the $2,250,000 purchase price, while the Borrower contributed 30% cash at closing. The property had significant deferred maintenance and several vacant units at the time of closing. The Borrower plans to renovate the property with their own funds. We did not include a hold-back of rehab money for this loan. Once the renovations are completed and vacant units are leased, the Borrower will seek a conventional multifamily loan to pay off our loan. It is approximately 7,400 square feet set in a 7,600-square-foot lot. The interest rate was 9.99% and we charged a 1% origination point. The loan term was set at 12 months. This multifamily bridge loan was funded in March 2024.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.