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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
04/09/2015
Property Type
2-4 Units Residential
Property City
Oakland
Property State
CA
Interest Rate
%
Origination Points
%
Deal Summary
$328,250 bridge loan secured by a duplex in West Oakland, California. The Borrowers owned the property free-and-clear but needed to cash out equity to use as a down-payment for a commercial property purchase. The property was valued at $505,000 so the loan-to-value for this 1st trust deed bridge loan is 65%. Both units are rented to 3rd party tenants at market rates. The Borrowers will work on getting a conventional refinance to pay off this bridge loan within one year.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943