Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/29/2016
Property Type
Single Family Residence
Property City
Riverside
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
100%
Interest Rate
8.99%
Origination Points
1%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $495,000 1st lien position bridge loan for the acquisition of a single-family home in Riverside, CA. Unlike most lenders, we allow for cross-collateralization and provide our Borrower with 100% purchase financing, plus an additional $35,000 to cover closing costs and provide cash-out proceeds to help fund the property’s renovation. Additional collateral for the loan was comprised of junior liens on other investment property. The interest rate was 8.99% and we charged a 1% origination point. This SFR purchase bridge loan was funded in November 2016.