Bridge Loan for SFR Purchase in Los Gatos, California

Funded by Stonecrest Financial

$3,402,750

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

01/29/2019

Property Type
Single Family Residence
Property City

Los Gatos

Property State

CA

Loan Term (months)

6

Lien Type

1st Mortgage

Payment Type

Interest Only

Building Square Footage

4,198

Lot Square Footage

14,505

Deal Summary

Stonecrest Financial, a direct California private lending firm, funded a $3,402,750 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, a bonus/game room, and a wine cellar. This purchase bridge loan was funded in January 2019.

Funded By

Stonecrest Financial

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