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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/04/2014
Property Type
Industrial
Property City
San Francisco
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,350,000
Borrower's Contribution to Purchase
37%
Source of Borrower's Contribution
Cash
Occupancy at Closing
Vacant
Deal Summary
Security Financial Services, a direct lender, funded a $850,000 1st lien position bridge loan for the acquisition of a vacant warehouse in the Mission District neighborhood of of San Francisco, CA. The purchase price was $1,350,000 and the Borrower put down 37% cash at closing. He plans to obtain construction financing and re-develop the site into condos. The loan term was set at 1 year. We funded this bridge loan just 10 days after the initial inquiry. This purchase bridge loan was funded in September 2014.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943