Apartments

The terms of these loans ranged from two to five years. Payments were interest-only, and the rate was fixed for the term. Interest rates ranged from 7.75% to 8.50%.

Please call for current rates and fees as these examples reflect rates at the time loan was made.

Apartments – San Jose | $1,700,000 – Second Loan
Purpose: Rehab Units
Number of Units: 84
Comments: Loan was then refinanced with an institutional lender.

Apartments – San Francisco | $420,000 – First Loan
Purpose: Rehab Building
Number of Units: 6
Comments: Loan made to an estate to rehab building then sell and distribute proceeds to heirs.

Apartments – San Jose | $820,000 – First Loan
Purpose: Cash out
Number of Units: 18
Comments: Loan was originally made to pay off a divorce settlement.

Other Past Saratoga Capital, Inc. Apartment Loans

Apartments, Santa Clara | $250,000 – Second Loan
Purpose:
Replace roofs on all buildings
Number of Units: 80
First Loan: $4,768,000
Terms: Interest only @8.75% for 3 years.
3 Points.
Comments: Property being “rehabed” for future sale. We made disbursements to roofer as work was being completed.

Apartments, Placerville | $1,120,000 – First Loan
Purpose:
Refinance first & second loans
Number of Units: 50
Terms: Interest only @8.75% for 4 years.
3 Points.
Comments: Project was under a HUD 236 program of subsidized financing and rents with capped income to investors. Our loan paid off the HUD loan and allowed owners to raise rents to market levels.

Chatsworth, CA | $1,780,000 – Second Loan
Purpose: Purchase and rehab
Number of Units:
96
First Loan: $3,500,000
Terms: Interest only @8.75% for 4 years.
3 Points.
Comments: Institutional lender would lend only on current rents. We gave additional funds to rehab the property and rerent at higher rates. Refinance when stabilized at higher income.

San Jose | $1,700,000 – Second Loan
Purpose: Purchase
Number of Units: 84
First Loan: $2,300,000
Terms: Interest only @8.75% for 3 years.
3 Points.
Comments: $500,000 reserve for rehab. Project run down and rents below market. Owners to rehab and bring project to market rents, then refinance with new first. Loan to a LLC.

Bay Area | $800,000 – Second Loan
Purpose: Buy out partner
Number of Units: 210 – four separate projects
Terms: Interest only @8.75% for 5 years.
3 Points.
Comments: Our loan emcumbered four apartment projects in Campbell, Mountain View, Sunnyvale and E. Palo Alto. Total of first loans (4) was inexcess of $9,000,000.

 

Apartments, N. Hollywood | $1,550,000 – First Loan
Purpose: Purchase
Number of Units: 29
Terms: Interest only @9.75% for 1 years.
3 Points.
Comments: 1031 exchange needed immediate close. Institutional lender could not close in time. We did. Loan repaid with institutional loan 45 days later.

Apartments, Bay Area | $356,000 – Second Loan
Purpose: Cash out to purchase more units
Number of Units: 70
First Loan: $3,643,640
Terms: Interest only @9.00% for 5 years.
3 Points.
Comments: Property being “rehabed” for future sale. We made disbursements to roofer as work was being completed.

Apartments, Sonoma | $356,000 – Second Loan
Purpose: Cash out to purchase more units.
Number of Units: 70
First Loan: $3,643,640
Terms: Interest only @9.00% for 5 years.
3 Points.
Comments: Property being “rehabed” for future sale. We made disbursements to contractor as work was being completed.

Apartments, Sherman Oaks | $500,000 – Second Loan
Purpose: Buy out partner
Number of Units: 22 – Three story building with underground parking.
First Loan: $925,000
Terms: Interest only @9.00% for 5 years.
3 Points.
Comments: Property appraised for $2,000,000. Loan was made to buy out partner’s interest.

Apartments, Redding | $1,900,000 – First Loan
Purpose: Refinance of HUD loan
Number of Units: 90
Terms: Interest only @8.50% for 4 years.
Comments: Property came off HUD 236 program with below market rents, with capped income to investors. Rents to be raised to market levels and then refinanced.