Picture1Pacific Private Money recently funded a 75%LTV, 21-unit apartment building purchase in Richmond.The property is well situated near transportation and other amenities and is in an area seeing high current demand for rentals. At market rents, this property should value at or near $2 million. Recent upgrades to the property include hardwood flooring throughout.

The borrower is an experienced multi-family real estate investor and commercial mortgage broker with over $4.4 million in real estate owned. He has a net worth of over $2 million and great credit (726 mid-score).

Current gross rents are $12,600 (significantly below market) with market rents suggested at $19,600 monthly. The current rents prevented the borrower from financing conventionally.

Pacific Private Money sourced private money and funded this purchase.

Author: Mark Hanf

CA. DRE # 01811186 | NMLS No. 331091

Mark is Founder, President, and CEO of the San Francisco Bay Area-based Pacific Private Money Group of companies. Pacific Private Money Inc., the flagship company, is an alternative real estate mortgage lender founded in 2008 to provide consumers and real estate investors access to fast, reliable, and convenient capital.