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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
05/23/2017
Property Type
Property City
Fairfax
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Building Square Footage
1,212
Lot Acreage
3.6
Deal Summary
Stonecrest Financial, a direct private mortgage lender based in San Jose, funded a $1,065,000 1st lien position bridge loan for a single-family home in Fairfax, CA. The Borrowers used Stonecrest’s Bridge Loan program to help them downsize from their home in San Anselmo to a new home in Fairfax, Marin County. They needed to use this program in order to compete with non-contingent offers in the marketplace. The Fairfax home, crossing the departing residence in San Anselmo, which is a 1,212 sqft two-story single-family home built in 1926 and sits on 3.6 acres. It has 2 bedrooms and 1 bathroom. The tranquil property creates the feeling of a mountain paradise while only minutes from downtown Fairfax. The Fairfax home was built in 1959. It is 2,350sqft, has 4 bedrooms and 3 bathrooms, and sits on an 18,000 square foot lot. We funded this loan in May 2017.
Funded By
Stonecrest Financial
Bridge Loans & True Revolving Line of Credit in 1st or 2nd Position