Cross-Collateralization of San Francisco Triplex and Condos

 In RECENT TRANSACTIONS

 

Lone Oak Fund, LLC just closed a $6,000,000 bridge loan, cross-collateralizing a San Francisco Triplex with two free and clear condominiums.  Borrower purchased the triplex for $6,000,000, and by crossing the 2 condos, was able to obtain 100% of the purchase price.

The out-of-state Broker coordinated the deal via telephone and Lone Oak issued an LOI within a few hours.  The 6-month loan was priced at only 7.90% interest only, and 0.75 point.  The broker earned $45,000 on the transaction.

Additionally, as a courtesy, Lone Oak allowed the borrower to pay 50% of the origination fees up front and the other 50% at the end of the term.  As always, there is no prepayment penalty.

Transaction:Purchase & Refinance
Loan Amount:$6,000,000
Purchase Price:$6,000,000
LTC:100%
Collateral:High-end, 6,000+ sq. ft. Triplex on a 3,500+ sq. ft. lot, a 1,200 sq. ft. and a 2,890 sq. ft. condos
Term:6 months
Rate:7.90% interest only
Origination Fee:0.75 points
Extension Option:6 months at 7.90% interest only; months 1-3 at 0.75 point and months 4-6 at 1.00 point
Prepayment Penalty:None

 

 

 

Recent Posts