Multifamily Acquisition & Condo Conversion

Oakland, CA

Property Type Multifamily
Size 4 Units
Security 1st Trust Deed
Loan $1,440,000
Value $2,900,000
LTV 50%
Term 12 months

The subject property is a 4-unit complex in the Piedmont area of Oakland.  The property was originally a 4-plex and the borrowers approached Hamilton Ridge for a quick $975,000 acquisition loan.  Hamilton Ridge then rolled the acquisition loan into a $1,440,000 construction loan to help the borrowers renovate and convert the units to condos.  All four units were successfully sold for a profit.