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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/20/2021
Property Type
Property City
Denver
Property State
CO
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$733,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Deal Summary
Center Street Lending, a direct private lending firm funded a $550,000 bridge loan for the purchase of a single-family residence in Denver, CO. The purchase price was approximately $733,000 so our 1st mortgage was a 75% loan-to-value and the Borrower put down 25% cash. They plan to operate a short-term rental with nightly or weekly guests. Conventional lenders don’t currently lend on these types of rentals, and even most private/hard money lenders won’t consider them either. Center Street is comfortable with short-term rental in select metro areas, and the projected income is likely to be greater than a standard long-term tenant. The loan term was set at 36 months. The Borrower plans to eventually refinance into a permanent loan once a rental track record has been established for at least one or two years. This SFR bridge loan was funded in September 2021.
Funded By
Center Street Lending
Smarter Loans for Residential Property Investors