Single Family Residence
At SDC, we strive to create mutually beneficial relationships with our borrowers and this deal was a perfect example of the benefits of such relationships. Last month, one of our repeat borrowers came to us to finance the purchase of a single family residence in Brea, Orange County, which required a fast closing and nearly 100% leverage. On the surface, that looks like an easy pass, but in knowing this borrower well it was actually quite the opposite. In a previous deal, we had cross-collateralized his primary residence to achieve our desired LTV. The borrower hoped he could again tap the equity in his home as his liquidity was tied up in other deals. With an accepted offer on a property he couldn’t pass up, we were the first call he made and the only one he needed. SDC Capital was able to provide a $570,000 loan (90% LTV) with a 12-month term and an 8.99% interest rate. This transaction was funded in October 2016.