Private Money Bridge Loan for Berkeley CA Rental Home

$900,000 refinance / equity cash out bridge loan secured by a residential investment property in Berkeley Hills, just north of Oakland, CA. The Borrower wanted to pull equity out of the recently completed rehab to use for the down payment on a multifamily investment property in San Francisco. The property is currently vacant, but will soon be tenant occupied at market rents, thus allowing for conventional financing in the next year. The estimated value is $2,000,000 so the loan-to-value for this bridge loan is 45% LTV and the loan term is 12 months. We funded this 1st trust deed private mortgage in approximately 15 days.