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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/10/2022
Property Type
Property City
Berkeley
Property State
CA
Loan Term (months)
6
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$2,307,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Partially Occupied
Number of Units
6
Building Square Footage
6,000
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Deal Summary
Security Financial Services, a direct private lending firm based in San Francisco, provided a $1,500,000 bridge loan to secure the acquisition of a 6-unit multifamily property in Berkeley, CA. The purchase price was just over $2,300,000 so the loan-to-value for our 1st position private mortgage was 65% and the Borrower contributed 35% cash. The subject property was in good condition and partially occupied at closing. The improvements were constructed in 1920 and are situated on a single parcel. The Borrower intends to remodel units, and upon completion of the 6-month loan term, they will lease the vacant units at the market. The Borrower plans to refinance into permanent financing. This multifamily private money loan was funded in December 2022.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943