Bridge Loan for 11-Unit Multifamily Purchase in Mountain View, California

Funded by Security Financial Services

$2,500,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

02/08/2023

Property Type
Multifamily
Property City

Mountain View

Property State

CA

Loan Term (months)

6

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$3,571,000

Loan-to-Purchase Price

70%

Borrower's Contribution to Purchase

30%

Source of Borrower's Contribution

Cash

Location Type

Urban

Property Condition

Good

Occupancy at Closing

Tenant-Occupied

Number of Units

11

Borrower's Plan

Long-Term Rental

Exit Strategy

Refinance

Deal Highlights

10-Day Close
6-Month Loan Term

Deal Summary

Security Financial Services, a direct private lending firm based in San Francisco, provided a $2,500,000 bridge loan, with a 10-day close, to secure the acquisition of an 11-unit multifamily property in Mountain View, CA. The purchase price was just over $3,570,000 so the loan-to-value for our 1st position private mortgage was 70%. The Borrower contributed 30% cash at closing. The subject property was in good condition and partially occupied at closing. The improvements were constructed in 1961 and are situated on a single parcel of land. The Borrower intends to remodel units, and within the 6-month loan term, they will lease the available units at the market. The Borrower plans to refinance into permanent financing. This multifamily private money loan was funded in February 2023.

Funded By

Security Financial Services

Direct Lender for Northern California Property Investors | Established 1943