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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/20/2022
Property Type
Property City
San Leandro
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
65%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Partially Occupied
Number of Units
5
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 $1,300,000 bridge loan to secure the acquisition of a 5-unit multifamily property in San Leandro, just south of Oakland in the East Bay Area. The loan-to-value for our 1st position private mortgage was 65%. The subject property was in good condition and partially occupied at closing. The improvements were constructed in 1953 and are situated on two parcels. The Borrower intends to remodel units, and upon completion of the 12-month loan term, the owners will lease the vacant units at the market. The Borrower plans to refinance into permanent financing. This multifamily property bridge loan was funded in August 2022.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943