Bridge Loan for 5-Unit Mixed-Use Property Acquisition in LA County

Funded by Cityscape Finance, LLC

$678,750

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

08/24/2022

Property Type
Mixed-Use
Retail
Property City

Bell Gardens

Property State

CA

Loan Term (months)

12

Lien Type

1st Trust Deed

Payment Type

Interest Only

Purchase Price

$905,000

Loan-to-Purchase Price

75%

Borrower's Contribution to Purchase

25%

Source of Borrower's Contribution

Cash

Location Type

Urban

Number of Units

5

Building Square Footage

3,306

Lot Square Footage

5,761

Borrower's Plan

Continue Rental

Exit Strategy

Refinance

Borrower Credit Rating

Good

Interest Rate

10.75%

Deal Summary

Cityscape Finance, a direct private lending firm, funded a $678,750 bridge loan for the purchase of a 5-unit mixed-use property in Bell Gardens, Los Angeles County, CA. The purchase price was $905,000. Cityscape funded 75% of the purchase in 1st lien position, and the Borrower contributed a 25% cash down payment at closing. The Borrower had good credit. We charged 10.75% interest with a loan term of 12 months. The Borrower plans to continue to rent the 5 units and refinance into a permanent loan as soon as possible. The tenants include a restaurant and grocery store. The building size is 3,306 square feet, and the lot is approximately 5,761 square feet. It’s located on Eastern Avenue, close to the 710 freeway. This CRE bridge loan was funded in August 2022.

Funded By

Cityscape Finance, LLC

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