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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/16/2017
Property Type
Commercial Land
Property City
Venice
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Interest Rate
6.95%
Origination Points
1%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $4,500,000 1st lien position bridge loan for the acquisition of land (currently a parking lot) in Venice, CA. Unlike many lenders, SDC Capital allowed the Borrower to cross-collateralize the acquired property with a junior lien on another residential property. We charged the Borrower 6.95% interest and 1 point. 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.