$5,000,000 Refinance/Flip Loan in Hollister, CA
Loan Amount: $5,000,000
Term: 12 months
The borrower is an experienced investor who has been a full-time landlord for more than 25 years, and they were seeking cash for business expenses and capital improvements. They purchased the commercial property in 2008 for $12.5M, then leased to the current tenant, who recently vacated. The property is free and clear, with the exception of a cross-collateral property that is being refinanced.
First Bridge Lending provided an initial $3M funding with a first draw of $1M and subsequent draws of $250,000 each to provide refinance shortfall funds as needed. First Bridge Lending agent Christopher Carey facilitated this deal at 31% LTV for a 12-month term.
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In-house underwriting, no appraisal required
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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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