Purchase Bridge Loan for SFR in Half Moon Bay, California

Stonecrest Financial, a private money lender, funded a $1,175,000 1st lien position purchase bridge loan for the acquisition of a single-family home in Half Moon Bay, CA. 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 the loan on the purchased property crossed behind a $500,000 loan on the departing property. The Half Moon Bay property is a 2-story single-family home that 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 a 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 countertops 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 SFR purchase bridge loan was funded in May 2018.