Equidy provided a bridge loan for the purchase of a new lot with permits pre-approved to build a luxurious custom home in Gilroy, California.
The loan was cross collateralized by the borrower’s equity in a single family home renovation, also in Gilroy.
The Challenge
A seasoned developer and well known client of Equidy had designs on a twin development in the heart of the beautiful Santa Clara wine country.
She had already been approved for a loan toward the purchase of a $1,650,000 home at Carob Court.
She required additional finance to complete the purchase of a new lot at Tea Tree Way.
The lot had plans approved for a breathtaking 3,850 square foot contemporary four-bedroom dream home.
The extraordinary 21,780 square foot property was situated in the prestigious Country Oaks Estates and boasted exquisite views of the city lights and nearby Santa Cruz mountains.
Surrounded by majestic oak trees, it offered the peace and tranquility of a country estate with the convenience nearby shopping, dining and entertainment as well proximity to local wineries, golf courses and hiking trails.
Utilities were available on the street with civil engineering, soil and topographical reports included.
Our client realised the property’s enormous potential.
She approached Equidy about a hard money loan to complete the purchase of both properties.
The Result
The borrower’s first mortgage amounted to $530,000.
Equidy provided her with a bridge loan of $477,500 allowing her to secure both properties.
This comprised a first deed of trust on the new lot at Tea Tree Way and a second deed on the property at Carob Court.
She was granted the bridge loan because of her protective equity in the Carob Court property, as well as the expected combined value of both properties.
These property finance ambitions are not achievable with conventional lenders, but with the hard money solutions available through Equidy, we work with you to find creative ways to achieve your goals.
How can we help you?
Got a property dream? We can help you fund it!
Apply now … it only takes a few minutes. You can also book a free, no obligation strategy call with one of our experts to talk about the finance options available for your project.
