Deal Details
Private Loan Type
2nd Mortgage
Approx. Funding Date
08/31/2017
Property Type
Property City
San Francisco
Property State
CA
Lien Type
2nd Mortgage
Payment Type
Interest Only
Building Square Footage
1,330
Lot Acreage
0.05
Deal Summary
Stonecrest Financial, a direct private mortgage lender based in San Jose, funded a $600,000 2nd lien position private money loan for a single-family home in San Francisco, CA. Our Borrower is a real estate investor who needed funds for another project they were completing. They own this property with a small first lien of $375k. The appraisal came in at $1.5M. Stonecrest provided the Borrower with a $600k line of credit in 2nd position. This is a 1-story home built in 1922. The home is 1,330 sq ft on a 2,063 sq sf lot with 3 bedrooms and 2 baths. The finished basement has an additional 2 bedrooms and 1 bath. The inside of the home has been remodeled within the last year. This private money 2nd TD was funded in August 2017.