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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
04/30/2022
Property Type
Property City
Santa Clara
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$10,900,000
Previous Loan Balance
$3,000,000
Loan-to-Value
35%
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Owner-Occupied
Number of Units
1
Borrower's Plan
Continue Occupancy
Exit Strategy
Refinance
Deal Summary
First Bridge Lending, a private mortgage lender, funded a $3,850,000 equity cash-out loan secured by an industrial sports facility in Santa Clara, CA. The Borrower has owned the building for many years and operated an indoor soccer facility there. He wanted to cash out some equity on the property to use for an investment opportunity, and he needed the funds fast. First Bridge Lending was able to meet the Borrower’s cash needs in just 5 days after receiving the loan application. The property value was estimated to be $10,900,000 and our loan-to-value was 35%. We paid off his previous 1st mortgage balance of $3,000,000 and gave him $850,000 cash out. The subject property was in good condition and owner-occupied at closing. The Borrower will either refinance or sell the property within the 12-month loan term. This equity cash-out bridge loan was funded in April 2022.
Funded By
First Bridge Lending CRE
Fast CRE Bridge and Value-Add Loans | No Appraisal Required