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Recently Funded Loans >>Commercial
 
Residential
 
House in Ashbury Heights Neighborhood of San Francisco

This self-employed borrower is a Realtor that completely gutted and renovated this property and had just listed it for sale when she approached us for a loan.  The property was free-and-clear, and she needed $1,100,000 cash-out to purchase another property.  Due to a value near $2,500,000, the likely listing period of six months allowed the borrower to be comfortable with a six-month guaranty of interest.  Sequoia overcame issues with mechanic’s liens and the short-term nature of the request and made this loan at 8.99% with a very modest two point fee.  The referring broker charged 1.75 points. 

 
 
Detached Home in Concord
This stated-income borrower has a 481 FICO score and has outstanding judgments and other involuntary liens on his credit report. He purchased this property using all cash and needed a quick $175,000 cash-out first mortgage to replenish his coffers. Sequoia made this 50% loan-to-value first mortgage at 12% and charged a modest $7,000 origination fee. The borrower was ecstatic to have our loan after being denied financing by others.
 
 
House in Novato's Black Point Neighborhood
This self-employed, stated-income borrower needed Sequoia’s $471,000 loan to buy out his siblings ownership in the subject property. Sequoia made this 60% loan-to-value first mortgage at 11.5% interest and a 3 point fee. The referring Broker charged a 2 point fee, and the borrower was delighted to buy out his sisters.
 
 
Condominium in San Francisco’s new Rincon Tower
This property was purchased in July of 2008 for $1,450,000 all cash. The owners are entrepreneurs that needed $550,000 cash out to secure the lease and make improvements to their new store, located across the street from the San Francisco Giants stadium. Since banks are very limited in terms of the amount of cash out they will allow and the national lender they were working with was unable to secure a loan, this became a perfect scenario for Sequoia. Our loan provided the borrower with the cash-out they desperately needed and the referring broker was amply paid for their efforts.
 
 
Berkeley Hills Single Family Residence
This property sold in 2006 for $1,600,000. Our borrower, an out of state investor, was in contract to purchase this property for $1,200,000 from the foreclosing bank. She came in with approximately $500,000 as a down payment and needed a $720,000 first mortgage from us to complete her purchase. She likely could have secured bank financing but not in the timeframe she needed to close this transaction. This broker had worked with us in the past and knew Sequoia could fund the loan quickly. The borrower secured the property and the referring broker was once again paid for his efforts.
 
 
3-Unit Residential in San Francisco’s Richmond District
When the broker brought us this scenario the borrowers had put $450,000 down on a property they were acquiring. They needed an additional $845,000 as a bridge to afford them time to sell one property before a traditional bank would provide financing. All borrowers had excellent credit and Sequoia was able to quickly provide the capital they needed by using additional properties they owned as cross-collateral. Once again the borrowers were satisfied and the broker was paid.
 
 
Single Family Residence in Redwood City
This borrower owns significant amounts of real estate, most of which is free and clear of encumbrances. The property had no loan on it, and the borrower wanted cash out to renovate the interior. Banks typically do not like to give this much cash out ($250,000), and the borrower preferred not to provide the extensive documentation that banks require. He borrowed from Sequoia with no hassles and the broker was rewarded.
 
 
Single Family Residence in San Francisco’s Richmond District
This borrower recently inherited this property. He requested our loan to build a second unit in the basement for his Mother to live in. The borrower has a 712 FICO score and a substantial income. The referring broker knew he could count on Sequoia to immediately fund the loan.
 
 
Single Family Residence in San Francisco’s Pacific Heights
This borrower has an 809 FICO score and a verified net worth of $20,000,000. He came to us in need of $1,300,000 in 72 hours to close escrow on a real estate purchase, or he would lose a six-figure earnest-money deposit. He was involved in a simultaneous 1031 exchange when the down-leg escrow failed to close. We were pleased to help this borrower save a significant amount of money and funded the loan with time to spare!
 
 
Condominium in San Francisco’s Prestigious Marina Neighborhood
This borrower has an 809 FICO score and a verified net worth of $20,000,000. He came to us in need of $1,300,000* in 72 hours to close escrow on a real estate purchase, or he would lose a six-figure earnest-money deposit. He was involved in a simultaneous 1031 exchange when the down-leg escrow failed to close. We were pleased to help the borrower save a significant amount of money and secure his new property.
 
 
2-Unit Residential in Larkspur
This property has been in the same family for over 50 years. The out-of-area owner had recently listed the property for sale, because they needed money for in-home medical care, but unfortunately could not wait for the property to sell to get the care they needed. They had a bank first mortgage but could not refinance again at the bank, because the property was listed for sale. Sequoia quickly provided a bridge loan to cover the cost of their medical care and thereby afford them time to properly market and sell the property. Needless to say, the borrower is ecstatic and the broker was rewarded for knowing Sequoia made loans on listed properties.
 
Commercial
 
Commercial Property in San Francisco's Bayview District
This borrower just completed ground-up construction on this commercial building and had yet to find a tenant. His current first mortgage was due, and our loan affords him the ability to meet his obligations, stabilize the income and seek conventional financing. We quickly funded $750,000 on this vacant building in the Bayview.
 
 
Commercial Property in Downtown San Francisco
This self-employed, stated-income contractor purchased this property using mostly all cash. He then proceeded to renovate the building by adding a 2nd story and turning the entire space into a restaurant, again using all-cash. His budget was exceeded with construction overruns, and he needed a quick injection of $600,000 to complete the restaurant and open for business. Sequoia overcame construction-completion and mechanic’s lien issues and provided this three-year, cash-out first mortgage at 11% and a 4.5 point fee. The referring Broker charged a 2.5% fee.
 
 
Retail / Office Building in Concord
This self-employed and stated-income borrower exceeded his construction budget on his house and needed a loan to complete the project. Sequoia lent on his free-and-clear commercial building in Concord. Both tenants’ leases will expire during the term of the loan and Sequoia funded it without an appraisal of the subject property. We lent $100,000 at 11% for three years and charged a flat fee of $5,000. The referring Broker charged 2.75 points.
 
 
Two Commercial Properties in San Francisco's Mission District
This borrower is a non-profit church that requested an $850,000 loan to purchase a partially-vacant, mixed-use property for less than our loan amount, i.e. over 100% loan-to-value. Sequoia made the loan but cross-collateralized with the building the church uses as their temple to reduce the loan-to-value to an acceptable range below 50%. Sequoia lent at 11% for three years with interest-only payments and only charged a two point fee. The referring Broker charged a 1 point fee, and the borrower was thrilled.
 
 
Commercial Property in San Francisco Fillmore Jazz Preservation District
Our loan paid off a first mortgage of $1,000,000 and replenished money the borrower spent on extensively renovating the property, including seismically reinforcing the building. The payment on our loan is only 60% of the rents generated by the building, so the positive cash-flow is solid. Although a difficult loan type in today’s market, Sequoia understood the immediate market area. The borrower recouped his renovation money and was able to maintain a positive cash-flow.
 
 
Retail Store Front in the Marin County town of Fairfax
This borrower has a credit score of 757 and a conventional bank first currently on the property. The borrower, a certified gemologist whose business dates back to 1945, previously operated his jewelry store from this location but later moved to a larger location and leased this property to a local real estate company. He could not borrow conventionally again and get the amount of cash out he needed to remodel his new store, because the current credit crisis is causing banks to limit the amount of cash out a borrower takes. Our loan affords him the ability to get the cash he needs and after one year, when our loan is “seasoned”, get a bank to refinance our first mortgage on a “no cash out” basis.
 
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