Bridge Loan for Retail Property in Rancho Cordova, California

Funded by Karpe Real Estate Center

$1,010,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

01/27/2023

Property Type
Gym
Retail
Property City

Rancho Cordova

Property State

CA

Loan Term (months)

84

Lien Type

1st Mortgage

Payment Type

Amortized

Property Value

$2,020,000

Previous Loan Balance

$1,100,000

Loan-to-Value

50%

Term

7 years

Rate Type

Fixed

Debt Service Coverage Ratio

1

Location Type

Suburban

Property Condition

Excellent

Occupancy at Closing

Partially Occupied

Number of Units

3

Building Square Footage

9,000

Borrower's Plan

Continue Occupancy

Exit Strategy

Pay Down

Borrower Credit Rating

Excellent

Interest Rate

10.5%

Origination Points

1.75%

Broker Commission

$17,675

Deal Highlights

We negotiated a longer term for the Borrower.
Rate and Term Refinance.
NO Appraisal Required.

Deal Summary

Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $1,010,000 1st lien position refinance bridge loan secured by a 3-unit commercial retail property in Rancho Cordova, Sacramento County, CA. The property value was estimated at $2,020,000 so our loan-to-value was 50%. We paid off a previous loan balance of $1,100,000. The Borrower’s original term on the existing loan was maturing. Due to COVID, banks would not lend to Borrower’s use – gym/fitness center. Karpe successfully completed the deal in 3 weeks with no appraisal required. The subject property was in excellent condition and partially occupied at closing. It was approximately 9,000 square feet. The interest rate was 10.5% with fixed amortized payments. The DSCR was 1.0. We charged 2% origination points, and the broker earned a $17,675 commission. The Borrower had excellent credit. They plan to continue leasing the property and pay off the loan over the 7-year loan term. This CRE refinance bridge loan was funded in January 2023.

Funded By

Karpe Real Estate Center

Private Lending for Central California Real Estate - Bakersfield, Fresno, Central Valley, Sacramento | Est. 1926

Dealmakers

Stephen Hale

Broker-Associate

CA DRE Lic. 01997969