Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/11/2018
Property Type
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.