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.