Los Altos, CA

$2,615,000

Single Family Residence

Refinance

08/28/2020
Transaction by
First Bridge Lending
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 which 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.