Deal Details
Private Loan Type
Purchase
Approx. Funding Date
02/08/2023
Property Type
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 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.