Deal Details
Private Loan Type
Refinance
Approx. Funding Date
07/06/2023
Property Type
Property City
Phoenix
Property State
AZ
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$5,000,000
Previous Loan Balance
$3,236,000
Loan-to-Value
66.50%
Location Type
Urban
Building Square Footage
5,393
Lot Square Footage
5,393
Lot Acreage
1.56
Exit Strategy
Sale
Deal Summary
Center Street Lending, a direct lender for residential real estate investors, funded a $3,325,000 1st lien position bridge loan secured by a single-family home in Phoenix, Arizona. This was an internal refinance loan to give the Borrowers additional time to sell the home and get some of their equity back for ongoing projects that they have. The property value was estimated at $5,000,000 so the loan-to-value was 66.50%. We paid off a previous loan balance and provided the funds for their other projects. The Borrowers are highly experienced investors specializing in the renovation and building of high-end luxury homes. The subject property is a contemporary home built into the side of Camelback Mountain, truly being an architectural masterpiece. The unique design of the home offers unrivaled views of both the city lights and the mountainside. The subject property is approximately 5,393 square feet set in a 1.56-acre lot. The loan term was set at 12 months. This SFR refinance bridge loan was funded in July 2023.