$1,460,000 Owner Occupied Bridge Loan in San Clemente, CA & Sunnyvale, CA
Loan Amount: $1,460,000
Type: Owner Occupied Bridge Loan
Term: 12 months
The borrower was moving to San Clemente from Sunnyvale and owns 2 Bay Area rental properties. They were unable to qualify for a conventional loan due to their debt to income ratio. First Bridge Lending provided an owner occupied bridge loan, which allowed the borrower to access the equity in their current residence in order to purchase the new property. They will sell their current home to pay off the loan.
The loan amount totaled $1,460,000 at 52% LTV for a 12-month term. First Bridge Lending originator Louis Bardis facilitated this deal and helped the client secure funding to purchase their new home.
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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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