$500,000 Flip Loan in San Ramon, CA
Loan Amount: $500,000
Term: 6 months
The borrower is a full-time home flipper who has completed 16 high-end SFRs in the Bay Area. They needed financing for an SFR in foreclosure with hostile tenants that would not allow for an interior inspection. First Bridge Lending provided financing with just a drive-by inspection and the loan closed in 3 days. The borrower purchased the property for $724,500 and is completing $55,000 in renovations with the intent to sell for $850,000.
The loan amount totaled $500,000 at 69% LTV for a 6-month term. A First Bridge Lending originator facilitated this deal and helped the client secure funding in 3 days to finance their flip.
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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