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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/02/2017
Property Type
Multifamily
Property City
Long Beach
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
8
Interest Rate
7.99%
Origination Points
1%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $910,000 1st lien position bridge loan for the acquisition of an 8-unit multifamily property in Long Beach, CA. The Borrower intends to complete minor unit renovations and refinance our loan within a year with conventional financing. Our pricing on this bridge loan was 7.99% interest only and we charged a 1% origination points. This purchase bridge loan was funded in February 2017.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.