Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/31/2017
Property Type
Property City
Salinas
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$705,000
Loan-to-Value
59%
Building Square Footage
1,861
Deal Summary
Stonecrest Financial, a direct private mortgage lender based in San Jose, funded a $625,000 1st lien position bridge loan for the acquisi6ion of a single-family home in Salinas, CA. Our Borrower was purchasing this investment property and wanted to utilize Stonecrest’s 1031 Reverse Exchange financing program. The subject property was being purchased for $705k. We cross collateralized the loan against 2 additional investment properties in order to achieve a 59% combined loan to value. This helped our borrower close on the new investment property before having to sell their relinquished properties. This 3-bedroom, 2-bathroom, 1,861sqft home was built in 1971. The home features large bedrooms, french patio doors, and original hardwood tongue and grove floors. Stonecrest funded this SFR purchase bridge loan in January 2017.