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Karpe Real Estate Center
Private Lending for Central California Real Estate - Bakersfield, Fresno, Central Valley, Sacramento | Est. 1926
California Fix & Flip Loan Stats
According to private lending data provider, Analytics Logics, the average interest rate for fix & flip loans in California is 10.49%. The average loan amount is $765,180. These stats are the average of all the loans which were funded between April 1, 2023 and September 15, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Fix & flip loans include the purchase of the property and the renovation budget, with the loan-to-after-repair value typically being no more than 70%.
Funded Fix & Flip Loans in Bakersfield
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $320,000 1st lien position fix and flip loan for a single-family residence in suburban Bakersfield, CA. We funded 36% of the $260,000 purchase price and 100% of the $226,000 renovation budget. The Borrower used some of their own cash and seller financing in 2nd lien position for the remaining 64% of the purchase price. The after-repair-value was $486,500 so our loan-to-value was 65%. The $226,000 renovation budget was sent to a 3rd party funds control to be held in trust while the Borrower performs the renovation. Draws will be utilized in order to reimburse the Borrower or pay the subcontractors. The subject property was vacant at closing. It is approximately 2,299 square feet set in a 19,565-square-foot lot. The Borrower plans to sell the property upon completion of the heavy rehab. The interest rate was 11%. The loan term was set at 12 months. This SFR fix and flip loan was funded in March 2023.