Monterey Bridge Lenders for Residential Real Estate
A list of lenders offering bridge loans for a Monterey County residential property purchase. Most private mortgage lenders only offer loans for investment or business purpose. Some will consider a primary residence bridge in which a homeowner uses equity in one home to buy another. Change the loan type to "Residential Owner-Occupied" for more options.
Our borrower was purchasing this investment property and wanted to utilize Stonecrest’s 1031 Reverse Exchange financing program. We provided a $625k loan in first position against the subject property being purchased for $705k. We cross collateralized the loan against 2 additional investment properties in order to achieve a 59% combined loan to value. This helped our borrower close on the new investment property before having to sell their relinquished properties. This 3-bedroom, 2-bathroom, 1,861sqft home was built in 1971. The home features large bedrooms, french patio doors, and original hardwood tongue and grove floors. Stonecrest funded this bridge loan in January 2017.