Denver, CO

$555,000

Single Family Residence

Refinance

09/20/2021
Transaction by
Center Street Lending
Center Street Lending, a direct private lending firm funded a $550,000 bridge loan for the purchase of a single family residence in Denver, Colorado. 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 is 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 residential property bridge loan was funded in September 2021.