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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
09/13/2018
Property Type
Property City
Oakland
Property State
CA
Lien Type
2nd Mortgage
Payment Type
Interest Only
Loan-to-Value
45%
Number of Units
5
Lot Square Footage
5,310
Deal Summary
Stonecrest Financial, a direct California private lending firm, funded a $250,000 2nd mortgage private money line of credit for a 5-unit multifamily property in Oakland, California. The combined loan-to-value was 45%. The Borrower needed capital for his business. He has owned this commercial, multi-family property since 1993 and has a small loan against it. The subject property is a 3,579 sq ft multi-family home situated on a 5,310-square-foot lot. The property was built in 1965. It has 5 units and each unit has 2 bedrooms and 1 bathroom. It is in a neighborhood with a mixture of single family and multifamily properties. This private money line of credit was funded in September 2018.
Funded By
Stonecrest Financial
Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position