First Bridge Lending https://firstbridgelending.com Mon, 09 Jul 2018 15:15:45 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.7 First Bridge Fix and Flip Loans https://firstbridgelending.com/first-bridge-fix-and-flip-loans/ Tue, 03 Jul 2018 13:23:36 +0000 https://firstbridgelending.com/?p=209934 The post First Bridge Fix and Flip Loans appeared first on First Bridge Lending.

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Distressed or older properties in need of renovation are frequently listed for a much lower price than others in the same neighborhood of comparable size. The pricing is extremely attractive to investors who have the skills and expertise to restore a home and resell it for a profit, but while these homes boast a lot of potential, they’re also much more difficult (if not impossible) to finance through conventional loan types.

In such instances, a fix and flip loan can give you the option to present a strong, all-cash, contingency-free offer that will stand out amidst the sea of offers bound to be coming in on a fixer upper that is priced to sell fast.

What Is a Fix and Flip Loan?

A fix and flip loan is a unique type of financing that allows for the quick cash purchase of a single-family home or condo that may not meet the parameters or timeline of conventional home loans due to its age or condition.

This type of loan also gives buyers and investors options where they may not otherwise have them, whether they don’t have the full cash amount needed to invest in a property they want to renovate or need to keep funds liquid for a fast, profitable fix and flip renovation.

With conventional home loans, there’s often a long process involved in changing ownership of a property. There are usually contingencies (such as physical or loan contingencies) that are placed as conditions on the sale, and it can take anywhere from 30-45 days to fully lock in financing and close once an agreed price and plan is in place.

However, with a fix and flip loan, you can have funds available in as little as 5 days and can make a cash offer to the seller that is free of contingencies such as inspections, appraisals, and loan contingencies. An all-cash offer with no contingencies and a quick close can help bump your offer to the top of the pile and ensure that you’re able to secure the property you want quickly.

Who Should Seek Out a Fix and Flip Loan?

Fix and flip loans are ideal for investors who need reliable, reactive capital to move quickly on purchasing distressed or older homes in need of renovation. Fix and flip loans can be funded and presented to a seller as cash very quickly, which allows investors to move quickly on great opportunities. There are a lot of investors out there scoping out the profit potential of fixer uppers, so speed and reliability of funds are key components of ensuring you present the best deal and get an offer accepted and closed quickly.

Fix and flip loans can also be used in cases where financing has fallen through due to contingencies or other factors that come along with purchasing a distressed property. A fix and flip loan can help you continue forward in your deal without losing time or momentum, and the amount can be flexible to help you stay competitive in what you want or need to offer to secure the deal.

The Advantages of Using First Bridge Lending for Fix and Flip Loans

Many lenders do not offer fix and flip loans, but First Bridge Lending understands the importance of reliable, reactive investor financing. We’re prepared to offer qualified investors and buyers the option to close quickly with a cash offer on fixer properties. We have extensive expertise in fix and flip loans and will do all the work to make sure industry regulations are met while helping you secure your investment property. We handle all the underwriting in house, can waive inspections and appraisals, and can get you funds for an all-cash offer in as little as 3 days.

First Bridge is local to California and understands just how the market is trending where you’re looking to buy. We can meet with you in person, attend property visits, and advise you on the specifics of the area where you’re looking to buy.

For more information on First Bridge Lending and our lending practices, please contact us directly by calling 949-373-5910 for our Newport Beach office and 415-366-1235 for our Petaluma office. We look forward to helping you with your fix and flip loan.

Contact First Bridge

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First Bridge Owner Occupied Loans https://firstbridgelending.com/first-bridge-owner-occupied-loans/ Sat, 02 Jun 2018 22:39:35 +0000 https://firstbridgelending.com/?p=209895 The post First Bridge Owner Occupied Loans appeared first on First Bridge Lending.

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If you live in a “hot” housing market such as Los Angeles, it’s important to be able to move quickly and create an offer that a seller cannot refuse. With so many potential offers, however, how do you stand out? Owner occupied loans can help you appeal to sellers and move quickly into your new home in record time.

What is the Owner Occupied Loan?

An owner occupied loan is a loan given to homeowners who want to purchase a new home and promise to live in it rather than rent it out or use it purely as an investment property. Owner occupied loans are given without contingencies.

In most cases, when a homeowner wants to purchase a new home, they must include a contingency in their purchase offers. This means that the homeowner can only commit to their offer to purchase the new home if their old home sells within a specified period. However, owner occupied loans allow homeowners to move forward with the purchase of a new home without this contingency.

In order to obtain an owner occupied loan, the homeowner must be willing to live in the home for a specified period of time. This time frame is usually one year, but depends on the specific property and its location. The loan itself can be underwritten and closed within 5-14 days, which offers quick a turnaround for buyers.

Who should take out an Owner Occupied Loan?

Owner occupied loans are perfect for homeowners interested in moving into a new home, but who want to purchase their new home without contingencies. These loans are also perfect for homeowners who are interested in purchasing a new home and can afford to do so, but who do not currently have a standard stream of steady income. The loan is based on the homeowner’s net worth and can include investment income as a determining factor for underwriting the loan. It also looks at the loan to value (LTV) percentage. Taking the loan amount needed and dividing it by the property value of the home determines the LTV of a property.

First Bridge Lending prefers to lend to homeowners who have a 65% LTV percentage or lower because it demonstrates that the homeowner will have a greater equity stake in the property.

The lack of contingencies and strict income requirements also make these loans perfect for homeowners who want to move quickly in hot markets.

When homeowners live in hot housing markets such as Los Angeles or San Francisco, they need to be able to move quickly. They will often be competing with five to seven other potential buyers. Submitting an offer without contingencies gives these buyers an upper hand and can make their offer more appealing to the seller. Owner occupied loans also are seen as “cash offers” by sellers and can help buyers compete with “all cash” offers. This can be especially helpful for homeowners living in hot real estate markets with fierce competition.

What makes the Owner Occupied Loans at First Bridge Lending unique?

Many lenders and mortgage brokers choose not to offer owner occupied loans. First Bridge Lending is prepared to offer owner occupied loans to qualified candidates in order to help them quickly move into a new home.

One of the reasons why you rarely see owner occupied loans offered as an option with other lenders is because of the intense regulations required by the government. Regulations at both the federal and state level keep mortgage brokers from offering these loans simply because of the work involved. First Bridge Lending, however, has extensive knowledge of these regulations and experience in complying with them.

For more information on First Bridge Lending and our lending practices, please contact us directly by calling 949-373-5910 for our Newport Beach office and 415-366-1235 for our Petaluma office. We look forward to helping you with your owner occupied loan.

Contact First Bridge

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FJM is now First Bridge Lending https://firstbridgelending.com/fjm-is-now-first-bridge-lending/ Thu, 12 Apr 2018 13:43:13 +0000 https://firstbridgelending.com/?p=209770 The post FJM is now First Bridge Lending appeared first on First Bridge Lending.

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We’re pleased to announce that FJM Private Mortgage Fund is now First Bridge Lending! We’re bringing you the same team, the same quality, and the same experience, but we’re working to bring you even better service for your private lending needs.

Our new location in Orange County will serve you with quick, reliable loans in Southern California, and we’re expanding into a larger service area spanning Northern and Southern California.

We’re also well-capitalized with institutional investors, with rates now in the mid-8% range for well-qualified borrowers.

We’ve originated nearly $1 billion in loans since 2012, and we focus on providing our borrowers with top-tier service while helping them obtain the right direct loan for their needs. We’re here to help you time and time again as you continue to invest in real estate, going beyond the one loan you need to make your investment work.

Our capital is available to service loans at any time with 100% discretion over every step of the process, enabling us to fund a loan in as little as three business days.

Contact us today to see your private lending options.

(And stay tuned: we’re preparing to launch a new owner-occupied product, and you’ll be among the first to know about it.)

Contact First Bridge

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Meet the Team Changing the Hard-Money Market https://firstbridgelending.com/meet-team-changing-hard-money-market/ Thu, 22 Mar 2018 13:35:50 +0000 https://firstbridgelending.com/?p=209706 The post Meet the Team Changing the Hard-Money Market appeared first on First Bridge Lending.

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At First Bridge Lending, we combine in-depth industry knowledge and a high level of service to provide the best private lending options for our borrowers’ property investments. Since 2012, we have closed more than 2,000 loans totaling nearly $1 billion, and we have created and refined our lending process to give our clients the best loan options. Our ability to move quickly without sacrificing service or charging higher rates sets us apart from other lenders.

Here are three ways we will help you with your hard-money loans:

1. Understanding the borrower’s perspective

With more than 75 years of real estate investing and financing experience, our team has the expertise to understand each borrower’s needs and help you find the best solution for your loan. Because we’ve been on the other side of the table as investors, we have a higher level of understanding when it comes to the intricacies of borrowing as an investor. We give our borrowers the advantage of an insider’s perspective.

We do not use appraisers or any third parties for valuations or inspections. This streamlines the process and reduces borrower’s expenses. Our combined knowledge and resources allow us to make quick decisions and instill confidence in our borrowers.

2. Speed of execution

Because we manage a fully discretionary fund, we can assess and close a deal typically within three days. This helps borrowers move forward with their investments as quickly as possible with secured capital and prevents holding up the transaction.

Private and hard money lenders typically need at least 1-2 weeks to close, and some of the larger lending groups need even more time. As a mid-sized group, we are large enough to close any deal, but also small enough to be efficient, flexible, and fast.

3. Maintaining borrower relationships

We take pride in working directly with borrowers throughout the loan process. Our loans are serviced completely in-house, so you will always know exactly who you are working with on each deal. It also gives us the time to speak with you personally and understand your individual needs.

When you give us a call, you will reach our team, the same people who will be working with you from origination to term. We value long-term relationships with borrowers and excel in helping them with future investments as they build their portfolios.

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Ready to get started? Contact us today to discuss your loan options.

Contact First Bridge

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Private Lending: Where the Decision Makers are the Originators https://firstbridgelending.com/private-lending-where-the-decision-makers-are-the-originators/ Thu, 15 Mar 2018 14:14:42 +0000 https://firstbridgelending.com/?p=209738 The post Private Lending: Where the Decision Makers are the Originators appeared first on First Bridge Lending.

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In private lending, service is of the highest importance. You want the decision maker for your loan to view the deal from the borrower’s perspective and have a comprehensive understanding of your goals in order to determine the right loan for your investment.

When you’re looking to invest in a property, our team at First Bridge Lending works with you from origination to close. With our team, you’ll have the same entity originating the deal as the decision maker, giving you near-immediate access to capital and attentive service to help you obtain the right loan for your needs.

Our fund’s managers bring more than 75 years of real estate investing and financing experience to the table, and they’ve been on the investor’s side as well, which brings you a well-rounded perspective that goes beyond securing a deal through various sources of capital.

The advantage of private capital

As a borrower, the biggest benefit you’ll see in private lending is the speed and ease of execution. With no intermediary steps, you’ll have an answer on whether or not we are the right lender for your deal the same day as your loan inquiry, and typically on the same phone call. Many times, through our extension industry relationships, if we are not the best lender for your particular needs, we can refer you to someone who can help. We have the ability to provide a quick quote you can rely on to close your investment-purpose property—especially when you come across rare investment opportunities that require fast funding. You’ll never be left hanging at time of closing or be surprised by higher costs or extra fees.

Since we’re not reliant on piecing together capital from smaller funds to make a deal work, we can typically close a deal in two to three days.

At First Bridge Lending, our capital is available to service loans at any time with 100% investment discretion over our funds. You won’t be left wondering if your deal has made it through investor or board approvals; you’ll work with us each step of the way, from securing funds, to producing our own loan documents, to taking care of all of our underwriting in house.

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Ready to get started? Contact us today to discuss your loan options.

Contact First Bridge

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2 Questions You Shouldn’t Ask When Seeking a Bridge Loan https://firstbridgelending.com/2-questions-you-shouldnt-ask-when-seeking-a-bridge-loan/ Thu, 08 Mar 2018 14:22:44 +0000 https://firstbridgelending.com/?p=209746 The post 2 Questions You Shouldn’t Ask When Seeking a Bridge Loan appeared first on First Bridge Lending.

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When people seek out a bridge loan, without fail, they ask the same two questions:

  1. What’s the highest leverage you can give me?
  2. What’s the lowest pricing you’ll give me?

These two questions may be top of mind for potential borrowers, but the reality is that they’re misconceptions. They’re not indications of the most important factors to take into consideration when borrowing from a lender.

Instead, it’s crucial to reframe your priorities and think about the logistics of the loan, which will tell you whether or not you can place your full trust in the lender and operate in a way that’s an efficient use of your time and resources. There is no point in pursuing a loan that will never materialize.

The questions you should be asking are:

  1. Who’s giving me my money?
  2. When am I getting it?

Who’s giving me my funds?

This is the number-one most important question to consider when applying for a loan. Every loan, no matter the lender, comes down to a single person signing the bottom line—and you need to know who that person is. This person is the beneficiary, and your loan will depend on them in order for you to make your investment, so it needs to be someone you know, trust, and ideally have met.

At First Bridge, we have our decisionmakers up front, and we help you through each step in the lending process without sharing your information with third parties just to get a quick deal. Our deep pockets give us unparalleled lending power, which means you know who you’re working with and can trust that you’re getting fair terms that are built around context you provide along the way.

When am I getting my money?

The second most important question to ask is when (and how) you’ll get your funds once your loan is finalized. When defining your loan terms, you need to evaluate your risk and define a deal timeline based around the level of risk you’re willing to take.

We’re dedicated to getting you the best advice and designing a loan around your unique circumstances. Our support and expertise is incomparable. We’ll first talk with you to define your goals, see the property you’re interested in together, and then close a deal that’s best for your objectives.

When we know about your specific situation, history, and real issues surrounding your investment, we can help you make an informed, smart decision based on your leverage sensitivity and investment goals.

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Ready to get started? Contact us today to discuss your loan options.

Contact First Bridge

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How We’ll Save Your Deal with a Hard-Money Loan https://firstbridgelending.com/how-well-save-your-deal-with-a-hard-money-loan/ Thu, 01 Mar 2018 14:23:35 +0000 https://firstbridgelending.com/?p=209750 The post How We’ll Save Your Deal with a Hard-Money Loan appeared first on First Bridge Lending.

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When you come across the opportunity for a rare property investment, hard-money loans are the best way to secure funding with a reliable, fast turnaround.

With our capital, we’ve serviced loans on exchange investments, complex entity structures, construction completion projects, and more.

Here are some recent deals we’ve saved with private lending:

Santa Ana Multifamily

Loan Amount: $600,000
LTV: 65%
Type: acquisition financing
Term: 2 months

The borrower ran out of time on an exchange investment with their current conventional lender and utilized First Bridge to close quickly.

Villandry Drive

Loan Amount: $2,900,000
LTV: 55%
Type: first trust deed with draw structure to allow for construction completion
Term: 5 months

This property is located in an exclusive development, and the developer needed a quick loan to finish construction and sell for a profit.

Palos Verdes Flip

Loan Amount: $1,000,000
LTV: 43% of purchase price
Type: acquisition financing
Term: 6 months

This borrower’s equity partner backed out of an all-cash purchase, jeopardizing the borrower’s deposit and potential profits on a high-yielding flip. First Bridge closed the deal in 4 days.

See more recent deals we’ve serviced, or contact us today to discuss your loan options.

Contact First Bridge

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