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