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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
07/21/2022
Property Type
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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