Deal Details
Private Loan Type
Refinance
Approx. Funding Date
01/01/2025
Property Type
Property City
Napa
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$5,100,000
Previous Loan Balance
$2,150,000
Loan-to-Value
54%
Location Type
Suburban
Building Square Footage
5,196
Lot Acreage
0.50
Borrower's Plan
Build and Sell
Exit Strategy
Sale
Deal Summary
Center Street Lending, a direct lender for residential real estate investors, funded a $2,775,000 bridge loan secured by a single-family home in Napa, CA. The property value was estimated at $5,100,000 so our loan-to-value was 54%. We paid off a previous loan balance of $2,150,000.This newly designed contemporary residence in the Silverado Crest community stands out as a one-of-a-kind home at Silverado Resort. The luxurious smart home seamlessly blends advanced technologies with eco-friendly, sustainable features. The subject property is approximately 5,196 square feet set in a 0.50-acre lot. The Borrower plans to sell the property as an exit strategy. The loan term was set at 12 months. This bridge loan was funded in January 2025.
Dealmakers
Rick Cortez
Loan Origination Manager
Rick Cortez has over 15 years of experience in the private client lending space with extensive history serving the High-Net-Worth and Ultra-High-Net-Worth community. Prior to joining Center Street Lending, Rick Cortez has been exposed to financial institutions such as Morgan Stanley Wealth Management, Smith Barney, JP Morgan & Chase, PCMA Private Client, and Bear Stearns, where he successfully managed channel originations, business development & coaching of financial advisors to significantly increase AUM.
During his tenure with Morgan Stanley WM, Rick has successfully managed one of the largest system conversions on Wall Street where he strategically coached and developed private bankers, financial advisors, and support staff. His experience in lending and business management has allowed for a holistic understanding and approach to his clients.
Rick is a graduate of the University of Southern California and holds a dual degree in Business Administration from Marshall School of Business and Sociology.