$1.2M flip loan and GAP loan for purchase and construction

Loan Amount: $1,292,000

LTV: 72%

Type: Flip Loan with GAP

Term: 9 months

This borrower was brought to First Bridge Lending by a broker we do business with on a regular basis. This particular property was difficult to lend on because it was mid-stream construction. Most conventional lenders—even private money lenders—wouldn’t know how to lend on this property because of issues with mechanic’s liens.

The buyer was a local realtor looking to put $350,000 into the property and sell it in excess of $2.5M. We were able to communicate directly with the title companies and provide exactly what they need, so we were confident lending on a mid-stream construction project.

The LTV was 72% and the loan amount was $1,292,000. We also arranged a second deed of trust, or gap financing, at $300,000 for the borrower to close escrow with less money down. First Bridge Lending agent Louis Bardis accelerated the loan process to help the borrower quickly receive their renovation funds.

Related Deals

Residential
$542,000
Acquisition Loan in North Fork, CA
51% LTPP
18 months

Residential
$945,000
Acquisition Loan in Studio City, CA
72% LTPP
12 months

Residential
$321,750
Acquisition Loan in Citrus Heights, CA
65% LTPP
12 months

First Bridge Lending
APPLY NOW