| Recently Closed Transactions |
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Below are examples of recent apartment loan fundings categorized by the following program types:
Purchase
Refinance
Below Market Rents
Additional Advance
Equity Line of Credit
Interest Only
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Purchases
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16 units in Glendale
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• Purchase transaction
• Loan amount $1,901,250
•1st TD
Malaga Bank refinanced the building 15 months earlier. The loan advance represented an 88% loan to the previous value.
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23 units in Downey
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• Purchase transaction
• Loan amount $1,826,000
• 1st TD
This was part of a multi-legged 1031 exchange financed by Malaga Bank.
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BACK TO TOP
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Refinance
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45 units in Tarzana
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• Cash out Refinance
• Loan amount $2,600,000
• 1st TD
The loan advance represented an 85% loan to cost as the owner purchased the property less than 18 months earlier.
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70 units in Tustin, CA
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• Loan purpose: Reduce debt service
• Loan amount $4,275,000
• 1st TD
Pre-Payment Penalty, No Floor
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33 units in Palms
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• Cash out Refinance
• Loan amount $2,000,000
• 1st TD
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BACK TO TOP
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Below Market Rents Program
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12 units in Brentwood
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• Purchase transaction
• Loan amount $1,585,00
• 1st and 2nd TD
The subject property had under market rents and is subject to rent control. The combined debt coverage ratio was below break-even at 0.84 to 1.0.
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8 units in Redondo Beach
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• Purchase transaction
• Loan amount $915,000
• 1st and 2nd TD
The subject property had under market rents. The combined debt coverage ratio was below break-even at 0.79 to 1.0. Malaga provided the buyer with loan approval to satisfy loan contingency within 10 days of application.
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10 units in Santa Monica – Vacant
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• Purchase transaction
• Loan amount $1,525,000
• 62% loan to value
• 1st TD
The property was delivered vacant at the close of escrow with remodeling work to be completed.
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BACK TO TOP
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| Additional Advance |
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9 units in El Segundo
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• Purchase transaction
• $771,000 at funding with a $316,500 additional advance provision
• 1st TD
The subject property had below market rents. The loan included a provision for an additional advance once the property had achieved stabilized market rents. Full funding was completed within 7 months from the close of escrow.
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BACK TO TOP
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| Equity Line of Credit |
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12 units in Palms
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• Refinance
• Loan amounts $685,000 and $500,000
• 1st and 2nd TD
The Bank refinanced the existing loan plus a new equity line of credit to fund future investments.
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BACK TO TOP
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| Interest Only Program |
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35 units in Riverside
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• Cash out refinance
• Loan amount $1,100,000
• 1st TD
The owner was looking to improve the net cash flow with interest only financing.
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BACK TO TOP
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