$1,140,000 Flip Loan in San Francisco, CA
Loan Amount: $1,140,000
Type: Non-owner-occupied purchase / flip
Term: 6 months
The borrower wanted to purchase a single family residence with an adjacent buildable lot and came to First Bridge Lending to obtain a single loan for both properties. They wanted to remodel the single family home and obtain permits to build on the vacant lot. Since most lenders are not able to lend on bare land, First Bridge was able to use a cross-collateral loan to cover both properties and fund the loan in one week.
The loan amount totaled $1,140,000 at 51% combined LTV for a 6-month term. A First Bridge Lending originator facilitated this deal and helped the client secure funding for a bare land and flip property purchase.
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FBL Track Record
Over 3,500 loans totaling more than $2 billion closed since 2012
Funded loans from $100,000 to $5 Million on Residential/Commercial properties
CA Licensed: CFL, DRE, NMLS