)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/12/2019
Property Type
Property City
Palo Alto
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,768,000
Loan-to-Purchase Price
72%
Borrower's Contribution to Purchase
28%
Source of Borrower's Contribution
Cash
Deal Summary
First Bridge Lending, a direct private lender in the North Bay Area, funded a private money loan for the purchase of a single-family investment property in Palo Alto, CA. The Borrower is an experienced house flipper who was trying to obtain bank funding for this deal, but it was taking too long. The seller was ready to take a back-up offer and keep the significant earnest money deposit. The Borrower turned to First Bridge for help, and we were able to provide loan documents that were ready to sign that same day. We funded the loan in less than 48 hours, saving the deal and the Borrower’s deposit. The sale price was $2,768,000. The Borrower put down 28% of the purchase price in cash, so our 1st mortgage was 72% loan-to-value. This SFR private money loan was funded in April 2019.
Funded By
First Bridge Lending
Direct Lender for California Real Estate Investors | No Appraisal Required