San Francisco Rehab Lenders for Residential Investment Property
Here is a list of private lending companies offering loans to San Francisco real estate investors that buy residential properties and hold them as rentals. Most of the lenders listed here will provide funds for the purchase as well as the rehab. This is for single family homes, condos and multifamily up to 4 units.
Private money loan for the purchase of a duplex in the Bernal Heights neighborhood of San Francisco, CA. The purchase price was $1,340,000. The Borrower put down $840,000 in cash via a 1031 exchange. We funded the remaining $500,000 of the acquisition cost and held back $150,000 in funds for the Borrower to complete foundation work to the property. The property was delivered vacant at close of escrow and had significant deferred maintenance. The Borrower plans to complete a major rehab as well as increase the footprint of both units. The current size of the property is approximately 1,750 square feet. SFS provided a 1st trust deed loan at 50% loan-to-value for a 12-month term. The transaction was completed in 15 days, in July 2016.
Private Loan for Richmond District Property Purchase & Rehab
Private money loan for the purchase and rehab/improvement of a duplex property in the Inner Richmond neighborhood of San Francisco, CA. The purchase price was $1,505,000 and the investor group put down $451,500 in cash, resulting in a $1,053,500 loan at close (70% LTV). The property was 100% vacant and had significant deferred maintenance, and thus conventional financing at the time of purchase was not an option. The investor knew the property was prime to rehab and rent out or sell as TICs. We agreed to provide up to $300,000 in additional funds to complete the improvements. The property should be stabilized within 9-12 months, with a loan to completed value of 60% or lower. This will enable the Borrower to refinance with conventional financing or sell the units individually as TICs. We provided a loan of 70% loan-to-value at close and agreed to finance up to 75% of cost over a 12-month term. This rehab loan closed in approximately 18 days, in November 2015.