Los Gatos, CA
Single Family Residence
Stonecrest Financial funded a private money bridge loan for a primary residence home in Los Gatos, Santa Clara County, California. The borrowers wanted to purchase their next home in Los Gatos prior to selling their departing residence in San Jose. They utilized our Bridge Loan program to make it happen. We gave them a new 1st position loan on their new home and crossed collateralized their departing property which had a sufficient amount of equity. This allowed us to achieve a 70% combined loan-to-value. The loan term is 6 months. When they sell the San Jose property, they will pay our loan down and use permanent financing to retire our loan completely. The Los Gatos home is a 4,198 sq ft single family residence on a 14,505 sq ft lot. The home was built in 1965 and is located at the end of a cul-de-sac. It has 4 bedrooms, 4.5 bathrooms, bonus/game room, and a wine cellar. This bridge loan was funded in January 2019.