Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/13/2022
Property Type
Property City
St. Louis
Property State
MO
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$260,000
Loan-to-Value
65%
Location Type
Urban
Property Condition
Good
Building Square Footage
1,970
Exit Strategy
Refinance
Interest Rate
9.99%
Deal Summary
Cityscape Finance funded a $169,000 refinance bridge loan secured by a 2-unit residential property in St Louis, Missouri. The property’s estimated value was $260,000 so the loan-to-value for our 1st mortgage was 65%. The interest rate for our loan was 9.99% with interest-only payment, and the loan term was set at 24 months. The subject property, located near a university, was in good condition with a square footage of 1,970. The Borrower was an experienced investor who inherited the property and needed funds for a rehab project. They plan to lease the property, then refinance into a long-term rental loan before the end of the 24-month loan term. This residential property bridge loan was funded in September 2022.