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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/06/2022
Property Type
Property City
Saint Louis
Property State
MO
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$505,000
Loan-to-Value
64.95%
Location Type
Urban
Property Condition
Excellent
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,607
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
9.99%
Deal Summary
Cityscape Finance, a direct private lending firm, funded a $328,000 refinance bridge loan secured by a single-family residence in Saint Louis, Missouri. The home’s estimated value was $505,000 so the loan-to-value for our 1st mortgage was 65%. The interest rate was 9.99%, and the loan term was set at 24 months. The Borrower had good credit. They inherited the property which had no existing debt. They needed funds to complete a renovation project which will get the property in rent-ready condition. They plan to refinance into a long-term rental loan once it’s stabilized with a new tenant. The property is located close to a University, which makes it easy to find renters. This SFR rental property bridge loan was funded in September 2022.
Funded By
Cityscape Finance, LLC
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