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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
05/11/2020
Property Type
Property City
San Leandro
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$800,000
Loan-to-Purchase Price
55%
Borrower's Contribution to Purchase
45%
Source of Borrower's Contribution
Cash
Borrower's Plan
Short-Term Rental
Exit Strategy
Conventional Loan
Deal Summary
First Bridge Lending, a direct private lender, funded a hard money loan for the purchase of a single-family investment property in San Leandro, CA. The Borrower is a project manager for a construction firm who was looking to purchase his first investment property to rent. He needed a short-term hard money loan just to quickly acquire the property. The sale price was $800,000. The Borrowers put down 45% of the purchase price in cash. First Bridge funded the remaining 55%, a total loan amount of $440,000. The Borrower plans to rent the 3-bedroom home for around $3,500/month and refinance with a conventional lender within the 12-month loan term. This hard money loan was funded in May 2020.
Funded By
First Bridge Lending
Direct Lender for California Real Estate Investors | No Appraisal Required