On this transaction our client found a great property in the Oakland Hills to rehab with great profit potential. The property has bay views and is in a highly desirable location, with most properties on the market selling in less than 30 days. This particular property had a 900 square foot workshop that is being converted legally with full permits to an in-law unit. In addition, the property is being completely upgraded with new finishes to ensure the highest resale value possible.
We were able to obtain funding for this transaction based on an as complete value, going to 65% of the appraised value based on completion. This loan included funds for interest payments and for the work to be done to the property. The goal of structuring a hard money rehab loan in this manner is to ensure that all funds are available for the project completion going in, eliminating the need for the borrower to bring additional funds into the transaction to complete the rehab.
We had a short period of time to close on this transaction due to the hot market in the area and the sellers wanting to close quickly. We were able to meet this funding deadline and close with no need for any extension request. Funds for the work to be done were available immediately after closing to allow our client to start work quickly, and inspections for the work to be done are being handled by a local builders control company.
We have helped many clients obtain financing in this area and love to make hard money loans in Oakland and the surrounding San Francisco Bay Area. Not only can we help fund rehab deals, but we can also help with straight purchase transactions, cash out refinances, bridge loans on most types of property and more. Visit our main site to learn more about our hard money loans in Oakland.