Fairmount Avenue

Buy, Renovate and Rent
4 Bedrooms / 4.5 Bathrooms; 3,231 Sq. Ft.
The property is a newer duplex located in a nice neighborhood of El Cerrito.
The borrower purchased the house as a foreclosure and plans on investing $75,000 into remodeling.
It is currently rented for $5,000 a month. Once renovations are complete, the borrower will be refinancing our loan.

Baylor Drive

Buy and Hold Rental
Day for Funding: 11 Days
3 Bedrooms / 1.5 Bathrooms; 1,032 Sq. Ft.
The borrower plans on investing $7,000 in renovating the unit before renting it out for $1,795 per month.
Once the rental property has been seasoned, the borrower will refinance with a conventional loan.

Lindhurst Avenue

Buy and Hold Rental
11 Units
14 Bedrooms / 11 Bathrooms; 7,550 Sq. Ft.; 1 acre lot; Year Built 1944
The property is a garden/low rise multi family located in Marysville, about 30 miles north of Sacramento off highway 70.
It is located in an area of residential, semi industrial, and retail buildings.
There is a 3 bedroom house, a 2 bedroom house, a duplex, and 7 individual apartment units on the property.
The property is master leased until 2017, and has been leased by that entity since 2007. Currently, the master lease is below market rate and will be increased at the start of the new term.

Harlan Street

Purchase and Flip / Cross Collateral financing
4 Bedrooms / 2 Bathrooms; 1,796 Sq. Ft.
The purchase price for the subject property the borrower bought was $713,000.
He cross collateralized another investment property to increase his loan amount requiring only $63,000 out of pocket for his acquisition.
Borrower will be updating subject property and selling. Proceeds from the sale will be used to pay off our loan in full.

Hayne Road/N. Delaware Street

2 Day Funding
Cash-Out Refinance
Hayne: 4 Bedrooms/2.5 Bathrooms; 3,230 Sq. Ft.; 1.4 Acres; Year Built 1965

N. Delaware: 5 unit apartment complex; 5,060 Sq. Ft.; 5,700 Sq. Ft. lot; Year Built 1959

The borrower was in the process of purchasing a new home when their conventional financing fell apart. As a result their deposit was at risk.
They decided to complete a cash-out refinance on Hayne and N. Delaware to access the capital necessary for the purchase.
Their exit strategy is to sell Hayne Road and pay off the loan with the proceeds.

Oakland, CA

Information

  • Investment Strategy: Flip
  • Purchase Price: $659,000
  • Remodeling Cost: $68,000
  • BR/BA: 1 Bedroom // 1 Bathroom each
  • Square Footage: 1,575 sqft
  • Lot Size: 3,395 sqft
  • Year Built: 1961

Description

FJM provided acquisition financing for the purchase of this home in the Rockridge neighborhood of Oakland, CA. The borrower needed to close in 3 days after the cloud on title was resolved. FJM responded by getting loan docs out in 24 hours and closing escrow escrow in 72 hours.