)
Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/07/2016
Property Type
Single Family Residence
Property City
San Jose
Property State
CA
Interest Rate
%
Origination Points
%
Deal Summary
Private money loan for the purchase of a duplex in East San Jose, funded in March 2016. The purchase price was $300,000 and the Borrowers put down $90,000 in cash. The property was vacant and had significant deferred maintenance, with estimated rehab costs of at least $30,000. The Borrower plans to make cosmetic improvements, rent both units, and sell to another investor. The property should be stabilized within 6 months, with a value north of $450,000 at that point. We provided a 1st trust deed loan at 70% loan-to-value for a 12-month term. The transaction was completed in 15 days.
Funded By
Security Financial Services
Direct Lender for Northern California Property Investors | Established 1943