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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
07/18/2017
Property Type
Property City
Century City
Property State
CA
Loan Term (months)
12
Lien Type
2nd Mortgage
Payment Type
Interest Only
Interest Rate
9%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $300,000 2nd lien position private money loan for a triplex in Century City, CA. This repeat Borrower attempted to obtain a conventional loan secured in 2nd position by his triplex but at the last minute, the bank denied him. He came to us needing a quick closing due to the last minute denial and we were able to accommodate him by committing to the loan within 3 days without requiring an appraisal. We work hard to provide great service to our Borrowers as our goal is for all Borrowers to become repeat Borrowers. SDC Capital committed to this loan within 3 days of receiving the loan request and did not require an appraisal. The interest rate was 9% and the loan term was 12 months. This private money loan was funded in July 2017.
Funded By
SDC Capital
Family Office Lender. No 3rd-party appraisal (typically). Soft Money Terms in 1st or 2nd Lien Position.