$1,300,000 Owner Occupied Bridge Loan in Carmel & Mountain View, CA
Loan Amount: $1,300,000
Type: Owner Occupied Bridge Loan
Term: 12 months
The borrower wanted to downsize to Carmel upon retirement, and they came to First Bridge Lending for an owner occupied bridge loan. They were able to purchase the Carmel home for $1,440,000 before they put their current home in Mountain View on the market. First Bridge Lending structured the loan using equity from their current residence and their new home, while allowing the borrowers to keep their conventional mortgage in place on the Mountain View property until it sold. Their new property is a renovated European-style cottage in a desirable area by the sea.
The loan amount totaled $1,300,000 at 62% LTV for a 12-month term. A First Bridge Lending originator facilitated this deal and helped the client secure funding to purchase their new residence.
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FBL Track Record
Over 3,500 loans totaling more than $2 billion closed since 2012
Funded loans from $100,000 to $5 million on residential and commercial properties
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