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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/01/2021
Property Type
Property City
Riverside
Property State
CA
Loan Term (months)
6
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$3,060,000
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Brand New Build
Occupancy at Closing
Vacant
Borrower's Plan
Lease Property
Exit Strategy
Refinance
Borrower Credit Rating
Excellent
Deal Summary
First Bridge Lending, a direct private mortgage lender, provided a $2,000,000 bridge loan to secure the acquisition of a newly built industrial property in Riverside, CA. We funded 65% of the $3,060,000 purchase price in 1st lien position, and the Borrower contributed 35% cash at closing. The Borrower was less than two weeks out from close when the bank lender changed the terms of the loan. They were initially planning to acquire using SBA financing but received an offer from a strong tenant and decided to lease. The Borrower needed to quickly pivot to meet his purchase contract date and not forfeit his non-refundable deposit. First Bridge Lending was able to quickly step in and provide the purchase loan needed to close on time. The subject property was newly built and vacant at closing. The Borrower plans to lease the property and eventually refinance with a conventional loan as an exit strategy. The loan term was set at 6 months. This CRE bridge loan was funded in April 2021.
Funded By
First Bridge Lending CRE
Fast CRE Bridge and Value-Add Loans | No Appraisal Required