Pacific Private Money just closed a $375,000, 52% LTV on a short term purchase bridge loan.The primary applicant has been working in advertising for 14 years, 10 with the same company. He faced a recent dip in earnings, but is back on track now. He and his spouse have both added additional part time work to increase their take home income.
The borrowers purchased the property as their primary residence. They came in with $225,000 down plus closing costs. Closing funds came from the sale of their current residence.
The borrowers will conventionally refinance after 11 months. With their current credit scores (643 & 648) and seasoning of new employment, they will fit FHA standards.
Pacific Private Money sourced private money and funded this purchase.