Bridge Loans for Real Estate Investors

Center Street Lending, a direct lender for residential real estate investors, funded a $3,325,000 1st lien position bridge loan secured by a single-family home in Phoenix, Arizona. This was an internal refinance loan to give the Borrowers additional time to sell the home and get some of their equity back for ongoing projects that they have. The property value was estimated at $5,000,000 so the loan-to-value was 66.50%. We paid off a previous loan balance and provided the funds for their other projects. The Borrowers are highly experienced investors specializing in the renovation and building of high-end luxury homes. The subject property is a contemporary home built into the side of Camelback Mountain, truly being an architectural masterpiece. The unique design of the home offers unrivaled views of both the city lights and the mountainside. The subject property is approximately 5,393 square feet set in a 1.56-acre lot. The loan term was set at 12 months. This SFR refinance bridge loan was funded in July 2023.

Capital Funding Financial, a direct lender, funded a $1,875,000 1st lien position bridge loan secured by a single-family home in the prestigious Highland Park neighborhood of Dallas, Texas. The property value was estimated at $3,750,000 so our loan-to-value was 50%. The Borrower was in need of fast & flexible financing with an interest reserve. They had already completed over $500,000 in interior updates and plans on selling the property in the near future. The 5,766-square-foot property has been featured in a number of interior decorating magazines for its sleek design with a modern classic feel. It has 5 bedrooms and 6 bathrooms, was newly renovated and vacant at closing. The Borrower had good credit. The interest rate was 10.99% and we charged 2% origination points. The loan term was set at 12 months. Given Capital Funding Financial’s local knowledge and experience in Texas, no appraisal was ordered, and the loan was funded in just 7 days! This refinance bridge loan was funded in September 2023.

Rubicon Mortgage Fund, a direct private money lender, funded a $1,000,000 1st lien position equity cash-out bridge loan secured by two commercial retail buildings located in McKinleyville and Crescent City, California. The Borrower is an experienced movie theater owner and operator. He needed to cash out equity on the 2 properties for working capital. The combined loan-to-value was 50%. The company owns over 15 movie theaters in Northern California. They plan to pay off our bridge loan using cash flow from the business over the next few years. The two properties total approximately 39,600± square feet of retail space and were in good condition. Both properties are located in small coastal towns. McKinleyville is in Humboldt County, just north of Eureka. Crescent City is farther north in Del Norte County, close to the Oregon border. The loan term was set at 3 years. This CRE equity cash-out loan was funded in September 2023.

RCN Capital, a national direct private lender, funded a $318,953 1st lien position bridge loan for the acquisition of a single-family home in North Fort Myers, Florida. We funded 75% of the $425,270 purchase price, while the Borrower contributed 25% cash at closing. The property appraised for $490,000 As-Is, so our loan-to-value was 65%. The experienced Borrower (5+ Verified) plans to renovate the home to stabilize before listing the property for resale, but they will self-fund the rehab budget. The guarantor on the loan had excellent credit with a middle score of 796 and a background history without any issues. Their bank statements reflected sufficient liquidity to close this deal and the deal was structured in accordance with the guidelines. The loan-to-value was 65.1% and the loan-to-cost was 75%. The subject property was in excellent condition. It is approximately 1,981 square feet. The interest rate was 10.99% and we charged 4% origination points. The loan term was set at 12 months. This SFR purchase bridge loan was funded in June 2023.