Deal Details
Private Loan Type
Commercial Property Value Add
Approx. Funding Date
12/15/2021
Property Type
Property City
San Diego
Property State
CA
Loan Term (months)
18
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$7,200,000
Loan-to-Purchase Price
55%
Borrower's Contribution to Purchase
45%
Source of Borrower's Contribution
Cash
Renovation Budget
$750,000
Renovation Budget Funded
100%
After-Repair Value
$10,200,000
Loan-to-After-Repair Value
48%
Renovation Project Scope
Light Rehab
Property Neighborhood
Kearney Mesa
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Vacant
Number of Units
1
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Deal Summary
First Bridge Lending, a private mortgage lender, provided a $4,900,000 bridge loan to secure the acquisition of an industrial property in the Kearny Mesa neighborhood of San Diego, CA. We funded 55% of the $7,200,000 purchase price in 1st lien position, and the Borrower contributed 45% cash at closing. First Bridge Lending also funded 100% of the $750,000 renovation budget. The after-repair value was estimated to be $10,200,000 so we anticipate our loan to be approximately 48% of the completed value. The property was extremely overbuilt due to the security needs of the previous occupant. This made it difficult for the seller to find a buyer, but it offered a great opportunity for our Borrower. Their plan was to eliminate all the unnecessary improvements, update the property, lease it to a single tenant, and then sell it. The subject property was in good condition and vacant at closing. The loan term was set at 18 months. This CRE bridge loan was funded in December 2021.
Funded By
First Bridge Lending CRE
Fast CRE Bridge and Value-Add Loans | No Appraisal Required