Refinance Bridge Loan for Creative Office Building in San Francisco, California

Private Mortgage Fund LLC, a direct California private lender, funded a $4,080,000 1st lien position bridge loan for the refinance of an owner-user creative office building in the South of Market (SOMA) District of San Francisco, CA. The Borrowers’ previous loan was coming due, and they need to buy some additional time before securing long-term financing. They needed to close fast, and we were able to get the loan funded in just 1 week. The loan term was 12 months, and there won’t be a pre-payment penalty. The loan-to-value was approximately 60%. We did our own in-house valuation, and no formal appraisal was required. The rate was 7.75% Interest Only. The subject property consists of approx. 10,000 square feet, fully renovated with award-winning architecture. It is located very close to the Bart Station. This private bridge loan was funded in August 2019.