$5,520,400 Flip Loan in Santa Barbara, CA

Loan Amount: $5,520,400

LTV: 60%

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.

Private lender
Direct lender
Quick process puts you in touch with decision makers
Loans funded in 3 business days
In-house underwriting, no appraisal required

FBL Track Record
Over 3,500 loans totaling more than $2 billion closed since 2012
Funded loans from $100,000 to $5 million on residential and commercial properties
CA Licensed: CFL, DRE, NMLS

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