Multifamily Acquisition Loan for 12 Units in Prime Location; 75% LTV San Francisco

First Financial Capital has provided a loan for the acquisition of a 12-unit multifamily structure facing Dolores Park. The property features approximately 12,000 sf of net rentable space.

Given the demand to live by Dolores Park since the 2014 renovation, this property had received multiple offers above asking. We had given the borrower our full commitment to finance with an IO (interest-only) loan, which allowed the borrower to make an offer with favorable terms. This included no contingencies aside from inspection contingences, and seven day due-diligence period. The borrower sought out institutional financings within four months, and paid the OLB (outstanding loan balance) without any pre-payment penalties.