$130,000 Flip Loan in San Bernardino, CA
Loan Amount: $130,000
Term: 7 months
The borrower was a first-time house flipper, and they needed an acquisition loan to close on a vacant property they intend to flip. First Bridge Lending was able to structure the loan so that the borrower needed less than $30,000 to close on a $185,000 purchase price.
The loan amount totaled $130,000 at 70% LTPP for a 7-month term, with a second DOT of $267,677 at 15% LTPP. A First Bridge Lending originator facilitated this deal and helped the client secure funding to flip their vacant property and get it back on the market.
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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, DRE, NMLS