Private Money Refinance Loan for Multifamily Property in Belmont, California

Conventus LLC, a direct private mortgage lender, funded a $1,500,000 1st lien position private money refinance loan for a 7-unit multifamily property in Belmont, San Mateo County, CA. The Borrower needed to cash out equity on the property to use for another investment real estate deal. Conventus paid off the previous loan balance of approximately $1,000,000 and provided the cash out funds to the Borrower in less than a week. The subject property is in great condition, fully occupied and cash flowing. It is located in a great neighborhood, within walking distance to lots of retail, less than a mile away from Oracle Corporation headquarters and other Silicon Valley technology companies. The estimated value is $3,000,000 so the LTV (loan-to-value) is just 50%. The Borrower plans to refinance this 1st trust deed private mortgage with a bank or institutional lender within the 1-year loan term. He found Conventus on PrivateLenderLink.com, and the loan was funded just 6 days after the initial inquiry. This private money refinance loan was funded in August 2016.