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Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
09/04/2014
Property Type
Property City
San Francisco
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Amortized
Property Value
$2,300,000
Number of Units
6
Deal Summary
Security Financial Services, a direct lender, funded a $200,000 2nd lien position private money cash-out loan secured by a 6-unit apartment complex in the NoPa neighborhood of San Francisco, CA. The Borrower needed the funds to invest in another property acquisition. The estimated value is $2,300,000. With the existing 1st mortgage balance at a little under $1,100,000, the combined LTV is 56%. The loan term is 1 year but it’s amortized over 20 years. The excellent location and strong cash flow allowed us to move quickly and fund this bridge loan just 10 days after the initial inquiry. This private money cash-out loan was funded in September 2014.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943