Berkeley Hills, CA
The subject property is a single-family home in the Berkeley hills with a 3 bedroom, 2.5 bath main house plus a 1 bedroom, 1 bath apartment. The home sits in a high-end community of the Berkeley Hills with sweeping views of the San Francisco Bay and the Bay Bridge.
The borrowers approached Hamilton Ridge to provide a purchase-money loan in addition to funds to renovate the entire property. Hamilton Ridge provided a $840,000 loan with the $200,000 investment budget held in a construction fund control account and disbursed as the project reached milestones. The borrowers used the budget to update the entire property including new kitchens, baths, and landscaping. Although the as-complete appraisal came in at $1,400,000, the property sold for $1,525,000.Back