Cross-Collateralization of San Francisco Triplex and Condos
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.[ws_table id=”345″]