$1,250,000 Acquisition Loan in Rancho Mirage, CA
Loan Amount: $1,250,000
Term: 6 months
The borrower, a buy-and-hold investor, was looking to purchase a new property to rent. They qualified for a cross-collateralized loan that covered 150% of the purchase price of the new property, which allowed them to use the cash out for a downpayment on an additional purchase.
The loan amount totaled $1,250,000 at 65% LTV of both properties for a 6-month term. A First Bridge Lending originator facilitated this deal and helped the client secure funding for their new property acquisitions.
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Over 2,000 loans totaling more than $1 billion closed since 2012
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