Borrower was seeking this Bridge Loan to purchase a SFR in Big Bear using her primary residence in Los Angeles as a cross collateral 2nd TD. The Borrower will be retiring from Merrill Lynch and moving to the Big Bear property for retirement. The Los Angeles property is already listed for sale.
The subject is a newly remodeled one story, 1,240 sf, SFR originally built in 1940. Property has 6 total rooms with 2 BR and 2 BA and an detattached 3-car garage. The Cross Collateral property is a 912 sf SFR, located close to USC. The property offers 2 bdrms, 1 ba, a private backyard with mature fruit trees. The property is a short commute to Downtown Los Angeles and is close to public transportation and entertainment.
Recent Transaction – $360,000 Business Purpose, Los Angeles and Big Bear, CA