Private Money Refinance for SFR Rental in Chico, California

Cityscape Finance funded a $370,000 private money loan secured by a single-family rental property in Chico, California. The estimated value of the home was $468,000 so the loan-to-value for our 1st mortgage was 44.15%. The interest rate for our loan was 9.99%, and the loan term was set at 12 months. The Borrower had good credit and needed to cash out equity. The subject property is located close to Little Chico Creek Elementary and Hank Marsh Jr. High School. It is a 3-bedroom, 2-bath single-family home. The kitchen layout offers an exceptional amount of cabinet space. The master suite has double entry doors and 3 separate closets. The master bathroom has double sinks granite counters and access to the walk-in closet. The garage has built-in workspaces and lots of storage cabinets. There is RV parking behind the double gates, plus there is paved parking in front of the home. This private money loan was funded in June 2022.