)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
06/23/2024
Property Type
Property City
Bonita Spring
Property State
FL
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$970,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Building Square Footage
2,779
Lot Acreage
0.47
Exit Strategy
Refinance
Deal Summary
Center Street Lending, a direct lender for residential real estate investors, funded a $970,000 1st lien position bridge loan for the acquisition of a single-family rental home in Bonita Springs, a city located between Fort Myers and Naples in Southwest Florida. We funded 75% of the $970,000 purchase price, while the Borrower contributed 25% cash at closing. This Olde Florida-style architecture features a freshly painted wraparound front veranda and a southern exposure that provides sunlight all day over the pool deck and filters into the house. The subject property was in excellent condition and vacant at closing. It is approximately 2,779 square feet set in a 0.47-acre lot. The Borrower plans to lease the home and eventually refinance as an exit strategy. The loan term was set at 12 months. This bridge loan was funded in June 2024.
Funded By
Center Street Lending
Smarter Loans for Residential Investors
Dealmakers
Kara Armstrong
Loan Origination Manager
Kara earned her bachelor's degree in Communication Studies from the University of North Carolina at Charlotte. She brings valuable experience from the conventional mortgage market, having worked with companies like Better Mortgage and Own Up. Before transitioning to the mortgage industry, Kara served as a District Sales Manager in retail, overseeing seven different locations. Known for her exceptional communication skills and strategic thinking, Kara excels at building lasting relationships wherever she goes.