Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/29/2018
Property Type
Multifamily
Property City
San Francisco
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
30%
Number of Units
3
Deal Summary
Redwood Mortgage, a direct private money lender headquartered in the Bay Area, funded a $800,000 1st lien position bridge loan for the acquisition of a multifamily property in San Francisco, California. The Borrower needed to cash out of their multi-unit property to do renovations. The property had 3 vacant units. The compensating factor was low loan-to-value and overall income. The loan-to-value was 30%. This purchase bridge loan was funded in June 2018.