Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/08/2022
Property Type
Property City
Cape Coral
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$425,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Property Condition
Brand New Build
Number of Units
1
Building Square Footage
2,922
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
8.25%
Deal Summary
Cityscape Finance funded a $340,000 bridge loan for the purchase of a single-family residence in Cape Coral, Florida. The purchase price was $425,000. Cityscape funded 80% of the purchase in 1st lien position, and the Borrower contributed a 20% cash down payment at closing. The Borrower felt the purchase price was discounted compared to the market value. They plan to do a light rehab using their own funds. Upon completion, they will lease out the property and refinance into a 30-year rental loan. The property size is 2,922 square feet. The interest rate was 8.25%, and the loan term was 12 months. This residential property bridge loan was funded in June 2022.