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Deal Details
Private Loan Type
Residential Ground-Up Construction
Approx. Funding Date
07/10/2017
Property Type
Property City
Aptos
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Completed Value
60%
Interest Rate
9.5%
Deal Summary
SDC Capital, a direct private lender based in Burbank, funded a $2,500,000 1st lien position cash-out construction completion loan on a high-end single-family residence in Aptos, CA. The Borrower’s existing construction loan came due and the Borrower needed additional funds to complete the project. Given SDC Capital’s extensive construction experience and thorough due diligence, SDC was able to get the title company to issue a lender’s title policy with mechanic’s lien coverage. Without this coverage and SDC’s persistence, this deal would not have closed. The interest rate is 9.5% at 60% loan-to-completed value and a 9-month loan term. 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.