Half Moon Bay, CA
Single Family Residence
The borrowers needed a residential bridge loan to help purchase a new home in Half Moon Bay before selling their current residence in Redwood City. We provided them with a $1,175,000 loan in 1st position on the purchase property crossed behind a $500k loan on the departing property. The Half Moon Bay property is a 2-story single family home is 3,286 sq ft on a 7,500 sq ft lot and has 4 bedrooms and 2.5 bathrooms. It was built in 1988 and has a partial view of the ocean. The inside has been recently remodeled. The departing property in Redwood City is 1,280 sq ft 1-story home on a 6,426 sq ft lot with 3 bedrooms and 2 bathrooms. It was built in 1920. The inside has been remodeled with granite counter tops and stainless steel appliances. We funded this loan in a short period of time enabling the borrower to take advantage of a good opportunity in a hot Northern California market. The loan closed in May 2018.