Private Money Loan for Rental SFR Purchase in Pleasanton, California

Funded by First Bridge Lending

$726,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

03/12/2020

Property Type
Single Family Residence
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.

Funded By

First Bridge Lending

Direct Lender for California Real Estate Investors | No Appraisal Required