Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/24/2022
Property Type
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.