$2,050,000 Cross-Collateral Loan in San Mateo and San Francisco, CA
Loan Amount: $2,050,000
Type: Cross-Collateral Loan
Term: 9 months
The borrower is a full-time experienced contractor and landlord who wanted to purchase a SFR in San Mateo, which required $350,000 for renovations. They own 2 free and clear Bay Area rentals worth $1,800,000, which allowed First Bridge Lending to provide a cross-collateral loan using the equity in their San Francisco rental property, valued at $1,250,000. The initial funding totaled $1,750,000 at 63% LTV, and the borrower can request the remaining $300,000 as work is completed in $100,000-increment draws. Once the renovations are finished, the borrower expects to sell for $2,400,000.
The loan amount totaled $2,050,000 at 68% LTV with initial funding of $1,750,000.00 at 58% LTV for a 9-month term. First Bridge Lending originator Christopher Carey facilitated this cross-collateral deal and helped the client secure funding for their flip property.
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Over 3,500 loans totaling more than $2 billion closed since 2012
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