$446,000 Purchase Flip Loan in San Jose, CA
Loan Amount: $446,000
Type: Purchase Flip
Term: 12 months
Client was interested in purchasing a single-family residence home in San Jose to flip for a profit. The Hurlingham property had not yet been listed on the open market, so the client came to First Bridge Lending hoping to move quickly. First Bridge Lending was able to fund the client’s loan within three days, which kept the property from being listed by the seller.
The loan amount was $446,000 with an LTV of 71%.
The vacant property was a 3-bed, 2-bath single family home with 1,188 square feet. The client was interested in purchasing the property because of its potential to be flipped. In a desirable location with a good existing structural base, the property was perfectly poised for renovations. The potential to turn a profit on the property was high and the client wanted to quickly purchase the property before other buyers were interested.
First Bridge Lending agent Hannah Edwards assisted the client with the property loan. The loan for the property closed within 3 days and the seller did not list the property on the open market.
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Over 2,000 loans totaling nearly $1 billion closed since 2012
Funded loans from $100,000 to $5 Million on Residential/Commercial properties
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