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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
06/12/2024
Property Type
Property City
Woodside
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget
$1,000,000
Property Condition
Good
Building Square Footage
8,470
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
11.00%
Deal Summary
Cityscape Finance, a direct private lending firm, funded a $2,700,000 1st lien position hard money loan for a large single-family home in Woodside, CA. The Borrower is an experienced investor, leveraging their expertise to maximize the property’s value post-renovation. He needed some funds to renovate the home before putting it on the market for sale. The advance at closing was $1,500,000 with a renovation budget of $1,000,000. It was built in 1934 and spans 8,470 square feet. Woodside is one of the wealthiest and highest-priced cities in Silicon Valley, with many large homes on large lots. The after-repair value was estimated at $23,000,000, so our loan is only 10.87% loan-to-value based on the ARV. The loan carries an interest rate of 11.25%. The loan term was set at 12 months. This hard money loan was funded in June 2024.
Funded By
Cityscape Finance, LLC
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