Picture1Pacific Private Money just closed a $224,000, 70% LTV, owner-occupied bridge loan in Concord.

The borrower has good earnings capability, limited debt and about $180,000 in the bank. He is using the loan proceeds to purchase the property. …He is coming in with 30% down plus closing costs (approx. $117,000).

The borrower has 18 years as a high tech system administrator. He faced an unexpected pay cut and job loss in recent years. As a result, his credit also took a hit. Due to these reasons, he did not qualify for conventional financing.

Pacific Private Money sourced private money and was able to fund this owner-occupied bridge loan. The borrower will qualify for conventional financing at maturity of the loan. He will refinance at that time.

Author: Mark Hanf

CA. DRE # 01811186 | NMLS No. 331091

Mark is Founder, President, and CEO of the San Francisco Bay Area-based Pacific Private Money Group of companies. Pacific Private Money Inc., the flagship company, is an alternative real estate mortgage lender founded in 2008 to provide consumers and real estate investors access to fast, reliable, and convenient capital.