Purchase Bridge Loan for Rental SFR in Cape Coral, Florida

Funded by Cityscape Finance, LLC

340,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

06/08/2022

Property Type
Single Family Residence
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.

Funded By

Cityscape Finance, LLC

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