Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/12/2020
Property Type
Property City
Pleasanton
Property State
CA
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,210,000
Loan-to-Purchase Price
60%
Borrower's Contribution to Purchase
40%
Source of Borrower's Contribution
Cash
Property Neighborhood
Val Vista
Building Square Footage
2,260
Exit Strategy
Conventional Loan
Deal Summary
First Bridge Lending, a direct private lender in Petaluma, funded a private money loan for the purchase of a single-family investment property in Pleasanton, CA. The Borrowers are a married couple in the food industry seeking their first investment property. They located a 2,260 square foot house, with 4 bedrooms and 3 baths, in the Val Vista neighborhood that they felt would make a good rental. They need a short-term bridge loan just to quickly acquire the property. The sale price was $1,210,000. The Borrowers put down 40% of the purchase price in cash. First Bridge funded the remaining 60%, a total loan amount of $726,000. The Borrowers plan to rent the home for around $4,800/month and refinance with a conventional lender within a few months. Our loan term is 6 months. This SFR private money loan was funded in March 2020.