Loans to
Bridge
Location: Burbank, CA
Funded: $1,470,000
Private Loan Type: Bridge Loans
Deal Highlights:
Borrower looking to purchase a new investment property before selling an existing property
We were able to cross-collateralize both properties to provide 100% financing
Deal Summary:
Our borrower had an opportunity to acquire a new investment property in a highly desirable neighborhood. With limited cash to bring in, we suggested cross-collateralizing with an existing property and the new property to provide 100% financing for the purchase. Our bridge loan was structured with a partial release clause allowing the sale of the existing property, and partial payoff of our lien with the remaining balance secured by the newly acquired property. The balance was ultimately refinanced once the previously mentioned steps were completed.
Deal Details:
Property Type – Single-Family Residence
Lien Position – First Mortgage
Loan-to-Value – 100%
Loan Term – 12 months
