$5,520,400 Flip Loan in Santa Barbara, CA
Loan Amount: $5,520,400
Type: Flip Loan
Term: 12 months
The borrower is an experienced investor who came to First Bridge Lending for financing on a new 6-property infill subdivision construction project. They have two additional subdivisions in process as well. First Bridge Lending provided an initial funding of $3,239,000 across all 6 properties, with monthly draws available from the lender holdback of $2,281,400. The borrower can call for a draw based on work completed.
The loan amount totaled $5,520,400 at 60% LTC, with initial funding of $3,239,000 at 54% initial LTC, for a 12-month term. First Bridge Lending originator Louis Bardis facilitated this deal and helped the client secure funding for their new subdivision construction.
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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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