$1.2M flip loan and GAP loan for purchase and construction
Loan Amount: $1,292,000
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.