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.