$675,000, Purchase, Multi-Family

San Diego, CA. December 2018

A reputable broker referred a real estate investor to The Loan Company who had the opportunity to purchase four residential units comprised of 3 studios on the first floor and a single studio unit on the second floor of a 1,850 sq. ft. building. The borrower needed to close quickly and could not risk delaying escrow with a conventional lender.

The purchase price was $900,000. The Loan Company provided a 1st Trust Deed loan commitment of $675,000 or 75% of the purchase price. The property was being professionally managed and generated gross monthly rental income of $6,600/mo.

The exit strategy is to refinance with a conventional lender within 12 months. The Loan Company provided the borrower an excellent short-term bridge loan at a competitive private money rate and terms.