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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/28/2020
Property Type
Property City
Los Altos
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$3,900,000
Loan-to-Value
58%
Renovation Budget
$600,000
Renovation Project Scope
Heavy Rehab
Building Square Footage
5,000
Borrower Credit Rating
Excellent
Deal Summary
In August 2020, First Bridge Lending funded a $2,615,000 bridge loan secured by a large single-family residence in Los Altos, Santa Clara County, California. The Borrower is a full-time real estate broker and investor who flips 2-3 properties per year. This property is a 5-bedroom, 6-bathroom house that was originally purchased for $3,900,000. The Borrower invested $600,000 in extensive renovations and added square footage. The house went on the market, but the previous loan came due. A bridge loan was needed just to pay off the previous lender and buy some time until the sale is completed. First Bridge’s 1st mortgage is approximately 58% loan-to-value with a 12-month loan term. The property size is approximately 5,000 square feet, including a detached guest house.
Funded By
First Bridge Lending
Direct Lender for California Real Estate Investors | No Appraisal Required