Private Money Loan for Residential Land Refinance in Belvedere, California

First Bridge Lending, a direct private lender in the North Bay Area, funded a private money loan secured by a waterfront residential lot in Belvedere, CA. The Borrower is an experienced developer who has completed major renovations on 4 Marin County homes in the last 24 months. They purchased this 1.23-acre parcel in a premium neighborhood with views of the Golden Gate Bridge. They had already secured permits and entitlements for a 12,500-square-foot home with a boat dock and waterfront casita. They needed to pay off a matured loan that was in place for a short period of time before obtaining construction financing. We determined the value to be around $5,260,000 so the LTV for our 1st mortgage is just 38%. First Bridge does not typically consider land loans. However, due to the low loan-to-value and Borrower’s track record, we were able to make an exception. We expect to be refinanced within 12 months. This private money loan was funded in August 2019.