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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/30/2018
Property Type
Property City
Los Gatos
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,200,000
Building Square Footage
3,697
Lot Acreage
1.23
Borrower's Plan
Rehab and Sell
Deal Summary
Stonecrest Financial, a private money lender, funded a $1,500,000 1st lien position bridge loan for the acquisition of a single-family home in Los Gatos, CA. Our Borrower is a past Client and active real estate investor. He wants to purchase a Los Gatos property for his portfolio. The property is a great deal and he plans to fix and flip it. The purchase price was $2.2MM and the Borrower put down $700,000 in cash. The subject property is a 2-story single-family home that has 4 bedrooms and 3 bathrooms, is 3,697 sq ft and sits on 1.23 acres. There is an additional finished 690 sq ft basement. This home was built in 1986 and is surrounded by beautiful, mature landscaping with an oasis in the backyard featuring an in-ground pool and hot tub. This SFR purchase bridge loan was funded in January 2018.
Funded By
Stonecrest Financial
Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position