$750,000 Refinance and Flip Loan in Loomis, CA
Loan Amount: $750,000
Type: Refinance/Flip (construction completion)
Term: 12 months
This property is located near Granite Bay in a neighborhood with high-end construction. The borrower, an experienced general contractor, purchased the land in 2017 for $350,000 and has invested an additional $610,000 into the property. The project was partially complete when the borrower came to First Bridge Lending to pay off the existing loan on the land and to complete the house. We gave the borrower $515,000 up front to pay off the land and additional draws totaling $235,000 for construction to finish the property. The borrower plans to complete the project and sell for $2,000,000 or more.
The loan amount totaled $750,000 at 49% LTC for a 12-month term. First Bridge Lending loan originator Louis Bardis facilitated this deal and helped the client secure funding for completion of their development project.
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Over 2,000 loans totaling more than $1 billion closed since 2012
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