Purchase Bridge Loan for SFR in San Jose, California

Funded by Stonecrest Financial

$1,025,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

09/11/2018

Property Type
Single Family Residence
Property City

San Jose

Property State

CA

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

73.22%

Building Square Footage

1,543

Lot Square Footage

18,511

Deal Summary

Stonecrest Financial, a direct California private lending firm, funded a $1,025,000 1st lien position bridge loan for the acquisition of a single-family home in San Jose, California. The Borrower wanted to downsize his residence and so he utilized Stonecrest’s Bridge Loan product to buy his next property before selling the departing residence. The combined loan-to-value is 73.22% – a short-term loan in a high-demand area. It is a 1-story, single-family home that is 1,543 sq ft, situated on an 18,511 sq ft lot. This home was built in 1954. It has 3 bedrooms and 2 bathrooms. The inside was recently remodeled. The departing property is also in San Jose. It is a 2-story home that is 4,808 sq ft, situated on 1.03 acres lot. It has 5 bedrooms, 4 bathrooms, and a 3-car garage. This home was built in 1990 and offers stunning views of the city and hill. This SFR purchase bridge loan was funded in September 2018.

Funded By

Stonecrest Financial

Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position