Sunnyvale, CA

$1,460,000

Single Family Residence

Purchase

08/04/2020
Transaction by
First Bridge Lending
In August 2020, First Bridge Lending funded a bridge loan to assist a homeowner with purchasing a new primary residence in San Clemente, CA. The borrower lived in Sunnyvale and owns 2 rental properties in the Bay Area. They wanted to move from Northern California to Southern California and were unable to qualify for a conventional loan due to their debt to income ratio. We provided a bridge loan using equity in their current residence to purchase the new property. They will soon sell their current home to pay off the loan. The loan amount totaled $1,460,000, and the combined loan-to-value was around 52%. While private lending is mainly for investment purposes, California has some unique regulations that enables some private lenders to provide these short-term bridge loans for a primary residence purchase, so long as the loan term is less than 12 months.