Purchase & Rehab Bridge Loan for Multifamily in Oakland, CA

Funded by Security Financial Services

2,250,000

Deal Details

Private Loan Type

Commercial Property Value Add

Approx. Funding Date

09/17/2022

Property Type
Multifamily
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

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