Purchase of San Francisco Quad and Triplex
Lone Oak Fund, LLC provided $1,267,000 in acquisition financing for the purchase of two adjacent units, a Quadplex and Triplex in San Francisco. The properties, which are 50% vacant, were put up for sale by the City through a receiver. Borrower is a seasoned developer who intends to rehab the properties and refinance with a traditional loan after capital improvements. Borrower plans to keep the units as rentals.
Lone Oak provided borrower 65% of purchase price, our maximum loan amount. The 18 month loan was priced at 7.90% interest only for months 1-12 and 8.60% interest only for months 13-18, with 2.00 points to the lender.
Lone Oak Fund never has a prepayment penalty or personal guaranty requirements.
|Property Type||2,867 square foot Triplex, on a 1,916 square foot lot and 2,870 square foot Quadplex, on a 1,938 square foot lot.|
|Loan to Cost||65%|
|Rate & Term||18 months at 7.90% interest only for months 1-12, and 8.60% interest only for months 13-18|
|Origination Fee||2.00 points|