$1.9M Refinance and Flip Loan in San Jose, CA
Loan Amount: $1,900,000
Type: Refinance/Flip (construction completion)
Term: 12 months
This borrower is an experienced builder who came to First Bridge Lending looking to complete their building project. They purchased the property with 2 single-family homes for $1.25M, scrapped the existing homes, and have invested an additional $1.2M in constructing 3 new single-family homes on 3 separate parcels. The borrower plans to complete these homes and sell each for $1.4M.
We were able to provide $400,000 up front, as well as $450,000 across a few draws to finish construction. We also assisted the borrower with accounting work to verify payment to subcontractors due to mechanic’s liens.
The loan amount totaled $1,900,000 at 50% LTV for a 12-month term. First Bridge Lending agent Chris Carey facilitated this deal and helped the client secure funding to complete construction on all 3 homes.
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FBL Track Record
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, BRE, NMLS