Private Money 2nd Mortgage for Pacifica Multifamily Property

Private money 2nd position loan secured by a fully occupied 8-unit apartment complex in Pacifica, San Mateo County, funded in May 2016. The Borrower needed the funds to invest in another property acquisition. The estimated value is $2,000,000. With the existing 1st mortgage balance at $770,000, the combined LTV (loan-to-value) for this bridge loan is 50%. The loan term is for 12 months interest-only. The location and strong cash flow allowed us to move quickly and fund this 2nd trust deed bridge loan just 10 days after the receiving the request. The Borrower plans to refinance or pay off this loan through other proceeds within the 12-month loan term.