Ukiah, CA

$450,000

Single Family Residence

Purchase

03/05/2020
Transaction by
First Bridge Lending
First Bridge Lending, a direct private lender, funded a $450,000 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 private money loan was funded in March 2020.