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Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
09/17/2022
Property Type
Property City
Oakland
Property State
CA
Loan Term (months)
12
Lien Type
1st and 2nd
Payment Type
Interest Only
Source of Borrower's Contribution
Cash
Renovation Project Scope
Light Rehab
Property Neighborhood
Adams Point
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Partially Occupied
Number of Units
10
Borrower's Plan
Renovate Vacant Units
Exit Strategy
Refinance
Deal Summary
Security Financial Services, a direct private lending firm based in San Francisco, provided a $2,250,000 bridge loan to secure the acquisition of a 10-unit multifamily property in the Adams Point neighborhood of Oakland, CA. The loan-to-value for our 1st position private mortgage was 70%, while the loan-to-cost for our combined 1st and 2nd position loans was 75%. The Borrower contributed a 25% cash down payment. The subject property was in good condition and partially occupied at closing. The building was constructed in 1922 and is situated on a single parcel containing 0.46 acres of land area. The Borrower intends to remodel 4 units by converting the 1-bedroom units to 2-bedroom units, installing in-unit laundry, upgrading the patios, and fully remodeling the kitchens and baths. Upon completion of the 12-month loan term, they the owners plan to lease the vacant units at the market. The Borrower is a seasoned operator and plans to refinance into permanent financing. This multifamily property bridge loan was funded in September 2022.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943