$335,000 Fix and Flip Loan in Newport Beach, CA
Loan Amount: $335,000
Type: Fix and Flip
Term: 6 months
The borrower for this property was part of a three-party trust, and he financed his portion with a First Bridge Lending loan. We were able to work with the trustees and create a structure that allowed them to move forward with the deal and close as an all-cash purchase. Because we were able to close within two days, the investors were able to purchase the property quickly and below market value.
The loan amount totaled $335,000 at 34% LTV for a 6-month term. A First Bridge Lending originator facilitated this deal and helped the client secure funding for an all-cash purchase of the new 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/Commercial properties
CA Licensed: CFL, DRE, NMLS