Refinance Bridge Loan for SFR in St. Petersburg Beach, Florida

Yieldi, a direct lender for investment properties nationwide, funded a $1,800,000 1st lien position bridge loan secured by a single-family home in St. Petersburg Beach, Florida. The property value was estimated at $3,100,000 so our loan-to-value was 57%. This is a fully remodeled 4-bedroom, 3-bathroom home in a fantasy-like location overlooking Boca Ciega Bay and downtown St. Petersburg in the distance. The remodel included the bathrooms, kitchen, and two balconies providing additional access to the breathtaking views. A new paver driveway, new roof, 4 HVAC systems, and a new sea wall were also included in the remodel. An in-ground pool is to be installed in the rear yard along with new hardscape and entertaining areas. The Borrower had good credit. They plan to refinance with a conventional loan as an exit strategy. The interest rate was 13.5%. The loan term was set at 12 months. This SFR refinance bridge loan was funded in June 2023.