2-4 Units Residential
Our featured property this quarter is a 4-plex, converted to 4 condominiums, located in Hayward, California. This 4-plex was built 51 years ago and appears to feature a completely renovated building and landscaping. Our borrower is a seasoned real estate investor who needed Stonecrest’s Business Line of Credit to complete his project; converting a 4-plex building into a 4-unit condominium. We were able to provide a $250k Business Line of Credit in second position behind a $597k bank loan against the 4 condos, which together are valued at $1.4M.