$603,000 Cross-Collateral Flip Loan in San Jose and Hollister, CA
Loan Amount: $603,000
Term: 6 months
The borrower, who has flipped 6 properties in the last 24 months, came to First Bridge Lending for a cross-collateral loan on a current rental property in order to purchase a new property with the intention of remodeling and reselling. They have been doing business with First Bridge since 2013. The borrower is purchasing the flip property for $412,500 and investing $30,000 in remodeling, and they plan to sell it for $525,000. First Bridge was able to provide a cross-collateral loan with a rental property the borrower purchased in 2008.
The loan amount totaled $603,000 at 58% LTV for a 6-month term. First Bridge Lending agent Louis Bardis facilitated this deal and helped the client secure funding for their new flip property purchase in order to remodel and sell for a profit.
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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 and commercial properties
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