Bridge Loan for Vacation Rental in Carmel Valley, California

Funded by Cityscape Finance, LLC

720,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

07/21/2022

Property Type
Single Family Residence
Property City

Carmel Valley

Property State

CA

Loan Term (months)

12

Lien Type

1st Trust Deed

Payment Type

Interest Only

Purchase Price

$1,200,000

Loan-to-Purchase Price

60%

Borrower's Contribution to Purchase

40%

Source of Borrower's Contribution

Cash

Location Type

Vacation Area

Property Condition

Good

Building Square Footage

1,211

Borrower's Plan

Short-Term Rental

Exit Strategy

Refinance

Borrower Credit Rating

Excellent

Interest Rate

9.99%

Deal Summary

Cityscape Finance, a direct private lending firm, funded a $720,000 bridge loan secured by a single-family rental home in Carmel Valley, California. The subject property’s value was approximately $1,200,000. The Borrower put down 40% cash at closing, so the loan-to-value for our 1st trust deed was just 60%. We charged an interest rate of 9.99%, and the loan term was set at 12 months. The Borrower had an excellent credit rating. The 1,211-square-foot home was in good condition, and the Borrower plans to make it a vacation short-term rental and then refinance into a 30-year rental loan. This residential rental property bridge loan was funded in July 2022.

Funded By

Cityscape Finance, LLC

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