Refinance Bridge Loan for Rehabbed SFR in Nashville, Tennessee

Yieldi, a direct lender for investment properties nationwide, funded a $1,900,000 1st lien position refinance & equity cash-out bridge loan for a single-family home in the Deerfield neighborhood of Nashville, TN. The Borrower purchased the property with financing and invested $350,000 in renovations. There were delays with the renovation project, and the previous lender was not willing to extend the loan. The loan was in a maturity default, but it was resolved through a forbearance agreement, which provided the Borrower with a short time frame to secure a bridge loan. The house was on the market for sale, and the Borrower had clean finances. We estimated the value to be $3,200,000 so our loan-to-value was quite conservative at 59% LTV. The Borrower urgently needed a quick closing of 5 days. We were able to pay off the previous lender and provide cash out as well. The property, situated on a sought-after street, is a well-preserved early 20th-century federal-style home with a blend of original charm and modern updates. Spanning 5,440 sq feet, it features 4 bedrooms, 4.5 bathrooms, and a convenient main-level primary bedroom suite. The property is in a high-demand area with a market outpacing national trends. The interest rate was 12.5% and we charged 2.5% origination points. The loan term was set at 12 months. This refinance bridge loan was funded in September 2023.