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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/26/2014
Property Type
Property City
San Jose
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$800,000
Source of Borrower's Contribution
Cash
Location Type
Urban
Number of Units
8
Borrower's Plan
Lease Property
Exit Strategy
Refinance
Deal Summary
Security Financial Services, a direct private lending firm based in San Francisco, funded a $315,000 bridge loan in 1st lien position for the purchase of an 8-unit multifamily residence in Downtown San Jose, California. The estimated purchase price was a little over $800,000. The Borrower is an investor group that purchased the property using $360,000 of their own cash and a $150,000 seller-financed 2nd mortgage. The purchase price was a little over $800,000. We were comfortable having a 2nd behind our 1st private mortgage since the combined LTC was under 60% and the borrower had strong financials. The Borrower plans to increase rents and refinance out both the 1st and 2nd with a long-term conventional mortgage. This multifamily bridge loan was funded in June 2014.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943