Multifamily Acquisition
& Renovation
Oakland, CA
The subject property was a 4-unit apartment building in the Piedmont area of Oakland. Hamilton Ridge originally provided a $975,000 acquisition loan and then rolled it into a $1,440,00 construction loan.
The borrowers renovated each unit and converted them to for-sale condominiums.
Property:
Multifamily
Size:
4 Units
Security:
1st Trust Deed
Loan:
$1,440,000
Value:
$2,900,000
LTV:
50%
Term:
12 months
