Southern California Bridge Lenders for Residential Real Estate
A list of lenders offering bridge loans for a Southern California 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.
In March 2017, the Wilshire Quinn Income Fund provided a $240,000 1st Trust Deed bridge loan for an apartment complex in Inglewood, LA County, California. The loan allowed the borrower to pull cash out of the property which will be used for the down payment on another investment property. The multi-family property consists of 4 units totaling 3,430 square feet on a 10,400 square foot lot. The property was appraised last month for $950,000, resulting in a total loan-to-value of 25 percent.
Bridge Loan Secured by 5 Properties in Southern California
In August 2016, Wilshire Quinn Capital funded a $7.4MM first trust deed bridge loan secured by 5 residential properties in Southern California. The loan was provided to a seasoned real estate developer in order to complete the construction of two single family residences in Newport Beach. The two properties that were used as primary collateral for the loan are located in the Newport Heights area of Newport Beach. Each home consists of approximately 5,000 square feet and has extensive ocean views. A single family residence in Santa Monica consisting of 3,200 square feet and a 21 acre parcel comprised of 71 lots in Menifee were also used as primary collateral for the loan. The loan was also cross collateralized by a 16,000 square foot lakefront home in Lake Arrowhead, CA.
Bridge Loan for Southern California Rental Home Portfolio
In February 2015, Wilshire Quinn Capital funded a blanket bridge loan secured by 8 single family rental homes located in Redondo Beach, Santa Ana and Riverside. The Borrower is an experienced developer. He needed to cash out equity on his 8-property portfolio to use for a large construction project. All eight homes were rented out and owned free-and-clear. The estimated value of the portfolio is $3.3M so the loan-to-value of this 1st trust deed bridge loan is 60%. The Borrower plans to refinance to pay off the loan within 1 year.
Blanket Bridge Loan Secured by Lake Arrowhead Estate and Raw Land
In January 2015, the Wilshire Quinn Income Fund financed a $1.65M private bridge loan secured by 3 investment properties in Riverside and San Bernardino County, CA. The Borrower is an experienced home builder who had a prior relationship with the lender. He needed to cash out equity on his properties to use for a large construction project. The properties that were used as primary collateral for the loan were 40 acres of entitled land in Riverside and a 72-acre parcel in Menifee. The loan was also cross collateralized by a luxury lakefront home in Lake Arrowhead, consisting of 16,000 square feet, 10 bedrooms, and 17 baths. The combined loan-to-value for this bridge loan is just 25% LTV, and the loan term was 1 year.