Bridge Loan for Mixed-Use Property Purchase in La Jolla, California

First Bridge Lending, a private mortgage lender, provided a $6,000,000 bridge loan to secure the acquisition of a mixed-use 10-unit property in La Jolla, California. We funded 60% of the $10,000,000 purchase price in 1st lien position, and the Borrower contributed 40% cash at closing. The Borrower needed a quick-close lending partner to secure this acquisition opportunity. The Borrower was stepping into this transaction with a very abbreviated performance timeframe that no conventional lender could match. First Bridge Lending does not require appraisals and was able to inspect the property and approve the loan within 48 hours. The property had a mix of retail and office units. Chase Bank had a master lease that was expiring soon, and the rents were below market. The plan is to renegotiate the leases, increase rents for all 10 units, and then refinance with a conventional loan. The subject property was in excellent condition and tenant-occupied at closing. The loan term was set at 24 months. This mixed-use property bridge loan was funded in July 2022.