Bridge Loan for Beachfront Luxury Home in Huntington Beach, California

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

05/11/2021

Property Type

Single Family Residence

Property City

Huntington Beach

Property State

Lien Type

1st Mortgage

Payment Type

Interest Only

Construction Budget Funded

80%

Builder's Contribution to Budget

20%

Completed Value

$8,000,000

Loan-to-Completed Value

50%

Deal Highlights

We refinanced their construction loan internally to give them a lower rate until property was sold.

We were able to close both loans in less than 10 days with appraisals.

Deal Summary

Center Street Lending, a direct private lending firm based in Orange County, funded a $4MM bridge loan secured by a newly constructed single-family residence in Huntington Beach, CA. The property is an oceanfront luxury home on Sunset Beach. This project was originally a ground-up construction loan which we funded at 80% loan-to-cost. Once the build was completed, we refinanced their construction loan internally to give the Borrower a lower rate until the property was sold. The estimated sale price is just under $8MM, so our bridge loan leverage is at sub 50% LTV. The loan includes an interest reserve. We were able to close both loans in less than 10 days with appraisals. This SFR property bridge loan was funded in May 2021.