Deal Details
Private Loan Type
Refinance
Approx. Funding Date
01/27/2023
Property Type
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
2%
Broker Commission
$17,675
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
Loan Officer, Broker-Associate
CA DRE Broker Lic. 01997969