$2,200,000 Cross Collateral Loan in San Francisco & San Diego, CA
Loan Amount: $2,200,000
Type: Cross Collateral Loan
Term: 12 months
The borrowers are a contractor and a broker who collectively own several properties, including two rentals. First Bridge Lending provided financing for the borrowers to purchase a San Francisco 2 unit property by using equity from their San Diego rental condo as additional collateral. The borrowers purchased the San Francisco rental for $2,305,000 and will invest $250,000 in remodeling costs before renting the units.
The loan amount totaled $2,200,000 at 70% LTV for a 12-month term. First Bridge Lending originator Louis Bardis facilitated this deal and helped the client secure funding to purchase their new rental property.
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Loans funded in 3 business days
In-house underwriting, no appraisal required
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 and commercial properties
CA Licensed: CFL, DRE, NMLS