San Jose, CA

$315,000

Multifamily

Purchase

06/26/2014
Transaction by
Security Financial Services
1st trust deed bridge loan for the purchase of an 8-unit residential property close to Downtown San Jose, funded in June 2014. 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.