San Bernardino Bridge Lenders for Commercial Real Estate
A list of bridge loan lenders for commercial real estate throughout San Bernardino County, including Fontana, Rancho Cucamonga, Ontario, Redlands, Rialto, Hesperia, Chino, Upland, Lake Arrowhead and other areas. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
In September 2020, Newport Commercial Capital provided a bridge loan in the amount of $2,895,000 secured by vacant commercial land in San Bernardino, California. The Borrower was seeking a cash out refinance loan to pay off the existing debt and utilize the additional proceeds to complete several milestones in preparation for the vertical construction phase. The lot, consisting of 18 acres, was recently entitled for a 420-unit senior care facility. The Borrower is an investment group that initially came to us in February. Due to a disagreement among the partners, the deal fell apart. They came back to us in September, and we were able to close quickly. We ordered an appraisal, and the value came it at just under $10,000,000. So our loan-to-value was only 30%. The loan term is 12 months, and we expect to be paid back when the Borrower secures a ground-up construction loan. Very few lenders are willing to consider land deals of this size in the Inland Empire. We have funded land loans through the pandemic and continue to be bullish on infill urban land deals with low loan-to-values.
Refinance Bridge Loan for Flagged Hotel in San Bernardino County
In October 2013, the Wilshire Quinn Income Fund financed a $2.2M bridge loan to cash out equity on a flagged hotel in Victorville, San Bernardino County, CA. The Borrower needed to cash out equity for working capital. We paid off the existing 1st mortgage balance and provided the hotel owner with the cash out funds in a timely manner. The hotel was appraised for $4.65M so the total loan-to-value on this bridge loan was just under 48%.