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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/05/2020
Property Type
Property City
Ukiah
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$738,000
Loan-to-Value
61%
Deal Summary
First Bridge Lending, a direct private lender, funded a $450,000 1st lien position private money loan for the acquisition of a single-family home in Ukiah, Mendocino County, California. The Borrower is an inexperienced investor who operates a family business that does equine training for horse owners. They were exercising a lease option to purchase from 2015 with a strike price of $619,000. The Borrower paid $100,00 in cash back in 2015 and amortized the balance to $450,000 through monthly lease payments. First Bridge Lending provided a loan for the Borrower to finalize the purchase of the rental property. We determined the value to be around $738,000 which put our loan at 61% LTV for a 12-month loan term. This SFR private money loan was funded in March 2020.
Funded By
First Bridge Lending
Direct Lender for California Real Estate Investors | No Appraisal Required