Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/11/2023
Property Type
Property City
Bakersfield
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$390,000
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Fair
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
2,100
Borrower's Plan
Long-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Interest Rate
10.50%
Origination Points
3%
Broker Commission
$8,250
Deal Summary
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $275,000 1st lien position bridge loan for the acquisition of a single-family residence in Bakersfield, CA. We funded 70% of the $390,000 purchase price, while the Borrower contributed 30% cash at closing. The Borrower used private money in order to complete the purchase of this rental. They plan to continue leasing the property long-term, eventually up the rent, and pay it off in 2 years’ time. The Borrower had good credit. The property was in fair condition but under market rent, and was tenant-occupied at closing. It was approximately 2,100 square feet. We charged 3% origination points and the broker earned an $8,250 commission. The interest rate was 10.50%. The loan term was set at 24 months. This SFR purchase bridge loan was funded in January 2023.