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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/16/2017
Property Type
Property City
Hayward
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Deal Summary
Stonecrest Financial, a direct private mortgage lender based in San Jose, funded a $250,000 1st lien position private money loan secured by a condominium in Hayward, CA. 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. This private money loan was funded in February 2017.
Funded By
Stonecrest Financial
Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position