$650,000 Refinance Loan in San Gabriel and Moreno Valley, CA
Loan Amount: $650,000
Term: 6 months
The borrower had a $3MM blanket loan, and these properties were the only two remaining. They came to First Bridge Lending for a refinance loan to pay off the remainder of the blanket loan, since they were offered a reduced payoff by the existing lender if the loans were repaid by a specific deadline. The properties were held in a multiparty trust with a single blanket loan and individual releases, so we were able to work with multiple trustees to complete the refinance.
The loan amount totaled $650,000 combined at 65% LTV for a 6-month term. First Bridge Lending agent Scott Townes facilitated this deal and helped the client save more than $70,000 by completing the refinance in the timeframe required by the current lender.
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Over 2,000 loans totaling more than $1 billion closed since 2012
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