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Funded CRE Bridge Loans in Bakersfield
Private Money Loan for Commercial Industrial Building in Bakersfield, California
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $500,000 1st and 2nd lien position bridge loan for a commercial industrial building in suburban Bakersfield, CA. We funded 75% of the $650,000, while the Borrower contributed 25% cash at closing. The Borrower owned additional property adjacent to the south of the subject building, and those parcels were included in the collateral for the loan on a 2nd position deed of trust. The building was purchased with a long-term tenant in tow, paying enough rent to cover the loan payment. The Borrower plans on redeveloping the adjacent property and either paying off the 1st trust deed in full or refinancing with institutional money. The subject property was in good condition. It was approximately 3,472 square feet set in a 17,424-square-foot lot. The interest rate was fixed at 10.25% with amortized payments. The loan term was set at 60 months. This CRE bridge loan was funded in March 2023.
Private Money Loan for Commercial Retail Building in Bakersfield, California
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $900,000 1st and 2nd lien position bridge loan for the acquisition of a 2-unit commercial rental building in Downtown Bakersfield, CA. We funded 75% of the $1,200,000 purchase price, while the Borrower contributed 25% cash at closing. The Borrower owned the parking area adjacent to this building and had an existing mortgage on that parcel. Karpe worked with the Borrower to go in 2nd position on the parking area and 1st position on the building. The equity in the parking area was used as additional collateral to make the deal meet our 70% total loan-to-value. The loan-to-value on the purchase of the building only was 75%. The deal included a 6-month prepay penalty of 1% of the loan amount. The subject property was in good condition and vacant at closing. It was approximately 8,000 square feet set in a 15,000-square-foot lot. The Borrower had excellent credit. They plan to lease up vacant units and eventually refinance as an exit strategy. The interest rate was fixed at 9.90% with amortized payments. We charged 3% origination points and the broker earned a $22,500 commission. The loan term was set at 5 years. This CRE bridge loan was funded in March 2023.