$1,150,000 Commercial Loan in San Jose, CA
Loan Amount: $1,150,000
Type: Commercial Loan
Term: 12 months
The borrower is a full-time real estate broker who has flipped more than 25 properties in the last 5 years and owns several multifamily properties. They have used First Bridge Lending for financing on many of their properties and sought them out again to refinance their most recent rental property.
The property is in a conforming downtown San Jose, CA neighborhood surrounded by Victorian homes and small residential properties. The borrower has obtained a use permit from the city to operate a single room occupancy business at the site. Our borrower purchased the property in 2013 $950,000 invested $400,000 in renovations.
The loan amount totaled $1,150,000 at 58% LTPP for a 12-month term. First Bridge Lending originator Louis Bardis facilitated this deal and helped the client secure funding for their latest rental property.
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Over 2,000 loans totaling more than $1 billion closed since 2012
Funded loans from $100,000 to $5 million on residential and commercial properties
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