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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/22/2017
Property Type
Property City
Mountain View
Property State
CA
Lien Type
2nd Trust Deed
Payment Type
Interest Only
Property Value
$5,300,000
Loan-to-Value
40%
Location Type
Urban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Building Square Footage
11,200
Lot Acreage
0.71
Borrower's Plan
Continue Rental
Exit Strategy
Pay Down
Deal Summary
Stonecrest Financial, a direct private mortgage lender based in San Jose, funded a $900,000 2nd mortgage secured by 2 commercial buildings in Mountain View, California (Silicon Valley). The Borrower, a past Client, owns a successful BMW motorcycle dealership that occupies 2 buildings in the heart of Mountain View. They were in need of some funds for inventory management purposes. We provided a $900K loan as a line of credit in 2nd position behind a $1,200,000 1st mortgage. The property was valued at $5,300,000 so the combined loan-to-value was around 40%. With our revolving credit line structure, the Borrower will only pay interest on the funds used and can pay down the balance at any time within the loan term. The building is approximately 11,200 sq ft and sits on a .71 acre lot. The commercial service zoning allows both retail and industrial uses. This private money loan was funded in December 2017.
Funded By
Stonecrest Financial
Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position