San Francisco, CA
Single Family Residence
Stonecrest Financial provide a private money line of credit secured by the primary residence of a business owner in San Francisco, CA. This relatively new company has been killing it for a couple years now but came upon a challenging time due to a big flood in their newly leased second location about a year ago causing them to be financially handcuffed. They took out an emergency business loan that turned out to be over 50% annual interest due to the complicated way it was arranged. We rescued them with a new $2,100,000 loan which paid off the previous lender and provided a flexible credit line, enabling them to reduce their mortgage payments by over $40,000 per month and provide the capital needed to continue with their business expansion plans. The subject property is a single family residence in Pacific Heights, owned and occupied by one of the business partners. The appraised value was $4,700,000 so the loan-to-value for our 1st mortgage was just 44% LTV. We don't typically consider an owner-occupied home for our loans, but the exception is when the funds are to be used for a business purpose. This private money loan was funded in September 2019.