Private Loan for Richmond District Property Purchase & Rehab

Funded by Security Financial Services

$1,353,500

Deal Details

Private Loan Type

Residential Rehab

Approx. Funding Date

11/02/2015

Property Type
2-4 Units Residential
Property City

San Francisco

Property State

CA

Interest Rate

%

Origination Points

%

Deal Summary

Private money loan for the purchase and rehab/improvement of a duplex property in the Inner Richmond neighborhood of San Francisco, CA. The purchase price was $1,505,000 and the investor group put down $451,500 in cash, resulting in a $1,053,500 loan at close (70% LTV). The property was 100% vacant and had significant deferred maintenance, and thus conventional financing at the time of purchase was not an option. The investor knew the property was prime to rehab and rent out or sell as TICs. We agreed to provide up to $300,000 in additional funds to complete the improvements. The property should be stabilized within 9-12 months, with a loan to completed value of 60% or lower. This will enable the Borrower to refinance with conventional financing or sell the units individually as TICs. We provided a loan of 70% loan-to-value at close and agreed to finance up to 75% of cost over a 12-month term. This rehab loan closed in approximately 18 days, in November 2015.

Funded By

Security Financial Services

Direct Lender for Northern California Property Investors | Established 1943