$300,000 owner occupied loan to make new residential purchase
Loan Amount: $300,000
Type: Owner Occupied
Term: 12 months
Client was interested in purchasing a new family residence for $2,100,000. The borrower’s current residence was listed for sale at $3.4MM but had not yet sold. Instead of waiting for the home to sell, the client was interested in moving quickly on a new property. The client was a strong candidate because of his existing real estate. His net worth was also listed at $30MM and his real estate properties generated in excess of $1MM annually.
To create the down payment, the client was able to liquidate some of his stock. The loan was drafted with the agreement that the client would repay the loan with either the sale of the aforementioned $3.4MM property or would liquidate more of his stock in January 2019. This enabled the client to quickly move on an ideal residential property without first selling his existing home. He also did not have to come up with the purchase price entirely through liquidated stock with the loan agreement.
The property itself was a large single family home with 3 beds, 2 full baths, and 2,216 square feet. Located on an expansive lot with 8.23 acres, the property was the perfect country residence. The property was also set up for horses and included a custom 4-stall barn as well as other amenities. The client was interested in purchasing the property as a family residence.
First Bridge Lending agent Louis Bardis expedited and processed the loan for the client. When purchasing a new residence, trust First Bridge Lending to handle your loan regardless of your current income parameters. First Bridge Lending is a private lender and can work with you directly to help you purchase new property.