Deal Details
Private Loan Type
Refinance
Approx. Funding Date
07/07/2022
Property Type
Single Family Residence
Property City
Chatsworth
Property State
CA
Loan Term (months)
18
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$5,700,000
Loan-to-Value
58.33%
Property Condition
Brand New Build
Number of Units
1
Building Square Footage
10,825
Exit Strategy
Refinance
Interest Rate
9.99%
Deal Summary
Cityscape Finance, a direct private lending firm, funded a $3,325,000 private money refinance loan secured by a single-family luxury home property in Chatsworth, California, in the San Fernando Valley of LA County. The estimated value of the home was $5,700,000 so the loan-to-value for our 1st mortgage was 58.33%. The property is newly built with a size of 10,825 square feet. The interest rate for our loan was 9.99% with interest-only payments. The Borrower plans to improve their credit score and refinance into a 30-year rental loan before the end of the 18-month loan term. This private money loan was funded in July 2022.