Refinance Bridge Loan for SFR Rental in Saint Louis

Funded by Cityscape Finance, LLC

328,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

09/06/2022

Property Type
Single Family Residence
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

Direct Private Lender | Price a Loan Online and Get Pre-Qualified Instantly

More Deals By Cityscape Finance, LLC

Cityscape Finance
Carmel Valley, CA
$720,000
Single Family Residence

Purchase

Cityscape Finance
St. Louis, MO
$169,000
2-4 Units Residential

Refinance