)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
09/26/2022
Property Type
Property City
Yucca Valley
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,200,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Owner-Occupied
Number of Units
1
Lot Square Footage
3,418
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 $960,000 bridge loan for the purchase of a single-family residence in Yucca Valley, California. The purchase price was $1,200,000. Cityscape funded 80% of the purchase in 1st lien position, and the Borrower contributed a 20% cash down. The property, approximately 3,418 square feet, was in excellent condition and was owner-occupied at closing. The Borrower had good credit. They used their own funds for a rehab, and they could see great rental potential for the home. The Borrower plans to refinance into a rental loan within the 12-month loan term, after completing the rehab. The interest rate was 9.99%. Yucca Valley is a small town in San Bernardino County, near Joshua Tree. It has become a popular vacation spot in the past few years. This residential property bridge loan was funded in September 2022.
Funded By
Cityscape Finance, LLC
Price a Loan Online and Get Pre-Qualified Instantly