Refinance Bridge Loan for Duplex in St. Louis, MO

Funded by Cityscape Finance, LLC

169,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

09/13/2022

Property Type
2-4 Units Residential
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.

Funded By

Cityscape Finance, LLC

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