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.

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