Purchase Bridge Loan for Multifamily in San Leandro, CA

Funded by Security Financial Services

1,300,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

08/20/2022

Property Type
Multifamily
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

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