Closings
Closings
$27,000,000 Bridge loan for the purchase of the Riverpoint Marketplace in Sacramento. This was a 24-months term with an interest rate of SOFR + 595 with a 6-month extension option.
THIS LOAN WAS FACILITATED FOR A BORROWER ACQUIRING A $36,000,000 RETAIL CENTER IN WEST SACRAMENTO, WITH PLANS TO GRADUALLY SELL INDIVIDUAL PARCELS. SECURING FINANCING FOR RETAIL PROPERTIES, PARTICULARLY THOSE WITH ROLLOVER LEASES IN SECONDARY MARKETS, CAN BE CHALLENGING IN THE CURRENT ECONOMIC CLIMATE. HOWEVER, A STRUCTURED LOAN PACKAGE WAS DEVISED TO SUPPORT THE DEAL, INCLUDING PROVISIONS FOR INTEREST RESERVES, FUTURE TENANT ALLOWANCE AND LEASING COMMISSIONS (TILC), RELEASE CLAUSES, AND ACHIEVING A 75% LEVERAGE (75% LOAN-TO-COST). THIS WAS A SIGNIFICANT ACCOMPLISHMENT GIVEN THE MARKET CONDITIONS. SPECIAL THANKS TO BRETT VISINTAINER OF THE VISINTAINER GROUP, AS WELL AS TOM GILLILAND AND TOM KATHREIN OF JLL FOR THEIR HARD WORK AND CONTRIBUTIONS IN CLOSING THIS TRANSACTION.
$3,000,000 Loan on a $6,000,000 purchase on a 30-year fixed with 10-years of interest only at 7.75%.
in this loan, we had a borrower that didn’t qualify with their tax returns and barely qualified with their bank statements. we were able to create a cash flow from their bank statements, rental income, and future cash flow to qualify their income. in addition, they had less than two years of work history which is the minimum you need to qualify under a bank statement program. We worked through all the income, employment, history issues, and were able to qualify for the loan despite their lower credit score of 730. this loan doesn’t have a prepayment penalty, so the borrower is able to refinance as the rates go down.
$7,020,000 Cash out refinance for 24-months at 10.25% with interest only.
this was a unique deal where we had a borrower who recently purchased the property for about $2,000,000. the borrower spent about $2,500,000 to $3,000,000 rehabbing the property. the property value was worth under $11,000,000 and typically in our business we do not cash out to anyone with a 12-24 months period. however, the borrower needed cash for a different investment. there was a current debt on the property of $4,700,000. we refinaced and gave them an additional $2,500,000 cash out and funded closed in 3 weeks.
$1,190,000 Cash out refinance for an apartment building on a 7-year interest only at 5.99%.
in this loan we had a borrower that had a current loan that was adjusting to almost 8% and still had a prepayment penalty on it. We were able to work through the numbers and negotiate with the lender to re-do their own loan. we managed to waive
their pre-payment penalty, gave the borrower a lower rate with interest only and cash out. Funded and closed within 40 days.
$26,775,000 Purchase bridge loan on a 24-month term, SOFR + 595, with a 6-month extension for the Algiers Shopping Center in New Orleans.
we had a borrower purchasing a mall in new orleans for $35,000,000 and the buyer had a very specific plan to buy the shopping center and sell off individual parcels as nnn pieces. lending for retail has been very difficult, especially for properties with rollover leases located in a tertiary market. we were able to secure a loan structure for our borrower with 75% leverage, which in this market is nearly impossible. we managed to get excellent pricing, get release structure built in for parcels as they are being sold. Funded and closed in under 45 days.
$9,200,000 Construction loan to complete a 14-unit luxury complex in Toulca Lake.
we had a borrower that was mid-construction about 75% complete and had a loan coming due. they needed money to complete the project and cover the interest reserves. the valuations were very tough in a declining market. we were able to use two additional pieces of collateral. one was a small retail strip mall and the other was a vacant piece of land to create this loan. in that, we paid off the existing lender and were able to set funds aside to complete the project, create a 6-months interest reserve, and cover the closing clost. the interest was sofr + 550 on a 12-months interest only. in addition, as there weren’t enough funds in the deal to fully pay off the senior lender, we were able to move their lien to other properties to allow this loan to fund and pay them down by over 90%. this was a very complex loan but we were able to fund and close within 45 days.
$1,480,000 Bridge loan second on a primary residence behind a $4,000,000 first.
we had a developer that was mid-construction on multiple projects that were very close to completion. the borrower needed a cash infusion and couldn’t qualify for a heloc. we were able to use bank statements, cash flow, and future rents to create a bridge loan. this was a 24-months term at 15% and we were able to fund and close in 3 weeks.
$1,400,000 SBA loan
In this loan, we had a one business partner buying out his partner of many years. there was no collateral other than the business itself and some of its equipment. we were able to complete a 100% buyout plus an additional $300,000 for operations and business expenses. the collateral for the loan was a ucc filing along with adding a life insurance policy for a $1,400,000 which acted as additional collateral. this was a 10-year loan on prime + 3 fully amoritzed out with a minimal step-down prepayment penalty. we were able to work through the structures and the books and fund and close in 75 days.
$1,850,000 Multifamily cash out refi at 6%.
there was a loan coming due, the borrower was still renting up the property, and we wanted to lock in the rate on today’s market. we were able to give the borrower full proceeds and create a holdback of $600,000 until the borrower provided the last 2 leases. once the borrower did so, the last $600,000 was released a few weeks later. This was a interest only and a step down prepayment penalty for 2 years. we were able to fund and close within 45 days.
$420,000 Refinance on a 30-year fixed at 6.99%.
In
this loan, we had a borrower that had a large amount of credit card and
other debt that caused the borrower to have low credit scores. The borrower
needed a refinance to consolidate. However, their initial thought was to file
for bankruptcy. We were able to work with them and put a program in place
that consolidated all debts saving the borrower over $18,000 a year in payments
and gave them a fresh start. Funded and closed within 30 days.
$1,690,000 On a 19-month loan at 10.95%.
In this loan, we had a borrower that was mid-construction on multifamily units and the existing lender didn’t provide enough funds to complete the project due to unforeseen circumstances. In addition, the type of property was in Lake Tahoe and had smaller units which made it more complex for lenders to lend on this kind of project due to the high rent per square foot. We were able to structure the loan, provide enough funds to pay off the existing debt, and finance the full hold back for all the construction. This loan was very complex and complicated, but we were able to fund and close within 40 days.
$615,000 For an apartment building on a 10-Year fixed at 5.15%.
Even
though the loan amount was lower than the bank’s limits, we were able to
structure the loan and great pricing and terms. Funded and closed in under 45
days.
$1,160,000 Purchase loan on a single-family residence on a 5-Year fixed at 5.25%.
In this loan, we had a borrower that had multiple properties and was stretched thin on ratios. In addition, the borrower was using an equity line as their down payment to make the purchase. We were able to work with the underwriting team, structure the income, and figure out where the down payment was coming from. We were able to fund and close in 3 weeks.
$1,755,000 For a commercial property that was being used for Cannabis property.
In this situation, we were coming in to provide financing that resolved a dispute between family members to purchase this property out of the portfolio for our borrower. In addition, the borrower needed cash out and it was a very complex transaction. We were able to lend $1,755,000 on a 24-month loan at 10% at 65% leverage. Funded and closed in under 2 weeks.
$500,000 Hard money second on a mid-construction single-family residence.
this was a 24-month loan at 11.75% with interest only payments. The developer needed an immediate cash infusion. We were able to accommodate and fund and close in under 10 days.
$647,200 For the purchase of a single-family home.
In this loan, we lent a combination of 89.99% financing. We provided a first loan of $647,200 on a 30-year fixed at 5.75%. Then we arranged a second loan for $88,500 as a piggyback second, and helped the borrower fund and close within 30 days. This loan came to us mid escrow where the other lender couldn’t close due to income ratios. We worked through the challenges and funded and closed on time.
$400,000 Hard money second.
This was a mid-construction second on a single-family residence. The borrower was in the middle of construction rehabbing the property. Needed an immediate cash infusion into the project. We arranged a 24-month loan at 12%. Funded in under 2 weeks and were able to make the loan despite the construction and potential mechanical lien issues.
$215,000 Cash out on an investment property at 5.875% on a 30-Year fixed.
We arranged a loan at prime + 1.25 that fully capitalized the construction. it covered all the permits, the ground up construction, interest reserves for 24 months, and a contingency in case they needed it through the process. Funded and closed in 6 weeks. This loan came to us after being declined by multiple banks.
$425,000 Hard money second crossing two separate properties.
In this loan, we had a large first trust deed and the borrower needed a cash infusion for another investment. We were able to work through both properties, get through the income structure on both, and provide one loan that crossed both. We did it on a 24-month loan at 11.75%.
$5,600,000 Construction loan for a sub-lot division building ground-up 6 homes on one lot.
We arranged a loan at prime + 1.25 that fully capitalized the construction. it covered all the permits, the ground up construction, interest reserves for 24 months, and a contingency in case they needed it through the process. Funded and closed in 6 weeks. This loan came to us after being declined by multiple banks.
$1,109,000 Purchase loan on a 7-Year interest only for a triplex at 70% LTV with an interest rate of 4.625% and no pre-payment penalty.
The borrower purchased a property that had 2 of the 3 units vacant for repositioning. In this loan, we had a very sophisticated borrower that was able to work with one of our portfolio lenders and create a relationship to help their pricing. We worked with the bank and funded and closed in 90 days. It was a longer escrow due to the tenants relocating from the property.
$1,002,000 on a 30-Year fixed at 6.75%.
For this transaction, we had a borrower purchasing a property in a very short escrow. In addition, the money was coming from a 1031 exchange. We were able to work with the borrower, their income structures and with the lender and fund and close in 3 weeks.
$2,100,000 Cash out refinance for a quick bridge loan on a grocery store called Save Mart.
It was a 12-month loan at 7.75%. We had a borrower who had a loan existing on the property. the borrower Needed a quick cash out for other investments and we were able to facilitate very quickly. Funded and closed in 14 days.
$960,000 Cash out refinance on a single-family residence.
the loan was a 30-year fixed at 3.375% for their owner-occupied home. the borrowers were trying to position themselves to buy an investment property. We were able to cash them out of their home and fund and close within 3 weeks.
$1,840,000 On a 7-Year ARM interest only at 4.125% on a duplex.
This loan was done under our Bank Statement program as a primary residence. It had many complications, one of which the property was recently sold about 2 months earlier for less money, and was already changing hands at a much higher price. In addition, the borrower didn’t have any prior rental history since the borrower lived at home and was applying for a very large Jumbo loan. the property was being sold as a pocket listing and not listed on the market which created more complexity in the transaction. We were able to work through all the issues and fund and close within 30 days.
$848,000 For a 7-Year interest only at 4.25%.
This was a delayed finance where they had closed 1 week earlier all cash. We were doing a refinance of that deal using our Bank Statement program. We were able to work through the original purchase, underwrite the file, and close in under 30 days.
$21,500,000 Purchase Bridge Loan for a shopping mall.
Combination of a 1st for $11,500,000 and a 2nd for $10,000,000 75 LTV, 12-month term with extensions and a blended rate of 8.8%. In this loan, we had a mall in the Central Valley that was being sold for $26,000,000 that had multiple roll over leases and tenants such as Sears and JCPenney. We were able to put together high leverage financing along with a $2,000,000 hold back for tenant improvements and CAPEX to assist the buyer to reposition the mall.
$1,109,000 Purchase loan on a 7-year interest only for a triplex at 70% LTV with an interest rate of 4.625% and no prepayment penalty.
The borrower purchased a property that had 2 of the 3 units vacant for repositioning. In this loan, we had a very sophisticated borrower that was able to work with one of our portfolio lenders and create a relationship to help their pricing. We worked with the bank and funded and closed in 90 days. It was a longer escrow due to the tenants relocating from the property.
$500,000 Cash out Heloc second on an owner user property.
We provided a HELOC at prime + 1. A ten-year draw of interest only payments and then it is fixed for the last 20 years. In this situation they had a very good 30-year fixed and a low interest rate, they needed cash out for future remodeling. We were able to work through the transaction and fund and close within 3 weeks.
$920,000 Cash out refinance on a single family residence on a 30-year fixed at 6%.
we had a borrower that had a very complex income structure that had many businesses with similar names, Some were not being used and suspended, while others were active. Before coming to JDM Funding, the borrower had been to many lenders and was declined at each . We were able to work with the borrower’s income structure, work with their CPA to organize their financials, and fund this loan in 60 days. we were able to gie the borrower a few hundredthousand cash out to consolidate debt and have money for business investments.
$3,250,000 Cash out refinance for a multifamily property on a 7-year fixed at 5% with a step-down prepayment penalty.
For this transaction we had set up a loan that was paying off the existing debt while the property was still in the middle of construction building multiple ADUs in the back. The property’s current income didn’t qualify for the full loan amount requested. We arranged with the lender to carry back $750,000 until the units were completed and leased. However, we were able to lock in the rate on the hold back funds despite the market changes. We funded $2,500,000 at closing, held back $750,000. Loan funded in 60 days.
$12,450,000 Purchase Bridge Loan at 7.15% at 75% LTV on a 24 month term for the Atwater Marketplace in Atwater, CA.
The buyer had a very specific plan to buy the Shopping Center and sell off individuals parcels as NNN pieces. Given the Covid-19 environment, lending for Retail has been very difficult, especially for properties with roll over leases located in a tertiary market. Was able to secure a loan structure for our borrower that got the leverage needed, excellent pricing, release structure built in for parcels as they are being sold, and close in under 45 days. This is now the second purchase financing we have arranged in the Central Valley in the last 18 months. The other being a 20 Million structure for the Hanford Mall in Hanford, CA.
$5,395,000 for a 3/1 ARM fixed at 5.95% with Interest Only for the 3-year term. This was a unique deal for a boutique hotel in San Diego.
In this transaction, we had a borrower that purchased this hotel in 2018 for about $5,600,000 and the borrower put about $2,500,000 of improvements into the hotel. Covid hit and the borrower had trouble stabilizing with the restaurant Covid restrictions in CA. They were able to get going in 2021 and our financing was based on future stabilizing. We were able to give them a cash out refi of over $1,000,000 and take out their hard money loan that was over 8%. Funded and closed within 65 days.
$600,000 Cash out loan for an investment Single-Family Residence under a 7/1 ARM at 5.75%.
For this loan we had a borrower that didn’t enough income on their tax returns, we structured the loan to use their assets to qualify the loan under an asset depletion program. we were able to fund this loan as an investment property without a prepayment penalty in under 40 days.
$896,000 Purchase loan under a 30-Year fixed at 5.74% for a Single-Family Residence.
in this loan we had a very complicated situation where family members were buying a property from other family members at a major discounted price. we helped structure the loan where the family gave a lower price in the form of a gift of equity. in addition to the complex structure, one of the spouses didn’t want to go on title although they were on the loan, we worked an agreement to accomdate. funded and closed in under 3 weeks.
$900,000 Refinance for an apartment building under a 10-year fixed at 5.56%.
we had a borrower with an existing loan that had two more years of prepayment penalty on the existing loan. We were able to negotiate with the current lender to waive their prepayment penalty and give us a new 10-Year fixed. Funded and closed in under 45 days.
$400,000 Cash out loan on a 30-Year fixed at 5.375% with no points and no prepayment penalty.
In this loan we had a borrower that needed a quick cash out refinance. Borrower was self-employed with many investments and the tax returns reflected losses, which made it very difficult to do the deal under a traditional product. We found a loophole with Freddie Mac, and we were able to omit the K-1 losses. Funded and closed the deal in under 15 days.
$1,212,600 on a purchase loan for a Single Family Residence under a 40-Year fixed, with the first 10-years Interest Only.
After the initial 10 years, it goes in a fully amortized 30-Year fixed loan. Loan had no prepayment penalty and the interest rate was 6.75%. In this loan we had a borrower who was trying to sell his existing property to buy a new home and the timing didn’t work out. We had to change the loan from a traditional loan into a 12-Month Bank Statement loan and bring in a co-borrower and gave them leverage at 79% LTV. Funded and closed in under 30 days.
$1,000,000 At 11.75% for 2 years Interest Only.
This loan was cross collateralized as a 2nd loan behind two senior loans on two separate properties, one a Single Family Residence that was an investment property and the other a triplex. Our CLTV was 70%. We were able to fund and close within 2 weeks.
$400,000 Purchase loan at 5.75% for a condo under a 30-Year fixed.
What was difficult about this loan was that the property had some litigation which created complications under HOA and lending. In addition, the borrower didn’t have enough income to qualify for the loan. Our solution was to use his IRA distributions to qualify their income. Funded and closed in under 3 weeks without ordering an appraisal.
$3,250,000, Cash Out Refinance, single tenant office building, 5-year fixed, 5.625%.
In this loan, we were providing significant cash out and only had a tenant lease for 5 years. We were able to mitigate the risk to the bank by providing a 6-month interest reserve. Funded and closed in 45 days.
$884,000 Cash out refinance for an investment fourplex under a 5/1 ARM at 5.25% at 65% leverage.
This was a cash out loan for an investment fourplex under an LLC that had multiple borrowers and complicated income structures. Units were under remodel being upgraded which created many issues throughout the loan process. We were able to work through all the scenarios and situations and fund and close in under 60 days.
896,000 Purchase loan under a 30-Year fixed at 5.74% for a Single Family Residence.
In this loan we had a very complicated situation where family members were buying a property from other family members at a major discounted price. We helped structure the loan where the family gave a lower price in the form of a gift of equity. In addition to the complex structure, one of the spouses didn’t want to go on title although they were on the loan, we worked out an agreement to accommodate. Funded and closed in under 3 weeks.
$700,000 Hard money 2nd for 24 months at 11.75% behind a Single Family Residence.
In this loan we had borrowers that needed a cash infusion to assist with another investment property. We were able to work the structure of both properties, arrange the paydown of debt to release the investment property that was cross collateralized with their primary home and fund and close concurrently with the sale of that investment property. Funded and closed in 30 days.
$900,000 Refinance for an apartment building under a 10-Year fixed at 5.56%.
In this loan we had a borrower with an existing loan that had two more years of prepayment penalty on the existing loan. We were able to negotiate with the current lender to waive their prepayment penalty and give us a new 10-Year fixed. Funded and closed in under 45 days.
$2,590,000 Cash out multifamily loan.
In this loan we had borrowers who had repositioned one of their apartment buildings and built ADU’s that was completely vacant during the beginning of the loan process. We allowed them to start filling in the tenants through the loan process and we were able to create a loan as the leases came in. In addition, the current loan was due August 1st, and we had less than 60 days to get the financing done conventionally. We were able to work with the bank and create a program that was a 5-year fixed at 6.125% with 2-years of interest only and a 2-year prepayment penalty. At closing, we were able to fund $1,900,000 and then there was a holdback after 60 days for the balance. Funded and closed in 45 days.
$1,160,000 Purchase loan on a single-family residence on a 5-Year fixed at 5.25%.
In this loan, we had a borrower that had multiple properties and was stretched thin on ratios. In addition, the borrower was using an equity line as their down payment to make the purchase. We were able to work with the underwriting team, structure the income, and figure out where the down payment was coming from. We were able to fund and close in 3 weeks.