Deal Details
Private Loan Type
Purchase
Approx. Funding Date
10/04/2016
Property Type
Property City
Brea
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
90%
Interest Rate
8.99%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $570,000 1st lien position private money loan for Brea House in Brea, Orange Country, CA. 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 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 the loan with a 90% LTV, a 12-month term, and an 8.99% interest rate. This SFR private money loan was funded in October 2016.