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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/15/2023
Property Type
Property City
Dallas
Property State
TX
Loan Term (months)
12
Lien Type
1st Trust Deed
Payment Type
Interest Only
Property Value
$3,750,000
Loan-to-Value
50%
Property Neighborhood
Highland Park
Location Type
Suburban
Property Condition
Newly Renovated
Occupancy at Closing
Vacant
Number of Units
1
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.99%
Origination Points
2.00%
Deal Summary
Capital Funding Financial, a direct lender, funded a $1,875,000 1st lien position bridge loan secured by a single-family home in the prestigious Highland Park neighborhood of Dallas, Texas. The property value was estimated at $3,750,000 so our loan-to-value was 50%. The Borrower was in need of fast & flexible financing with an interest reserve. They had already completed over $500,000 in interior updates and plans on selling the property in the near future. The 5,766-square-foot property has been featured in a number of interior decorating magazines for its sleek design with a modern classic feel. It has 5 bedrooms and 6 bathrooms, was newly renovated and vacant at closing. The Borrower had good credit. The interest rate was 10.99% and we charged 2% origination points. The loan term was set at 12 months. Given Capital Funding Financial’s local knowledge and experience in Texas, no appraisal was ordered, and the loan was funded in just 7 days! This refinance bridge loan was funded in September 2023.
Funded By
Capital Funding Financial
Direct Lender for Investment Real Estate - 7 Day Closings - Low Rates
Dealmakers
David DiNatale
Managing Partner