Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/13/2023
Property Type
Property City
Bakersfield
Property State
CA
Loan Term (months)
60
Lien Type
1st and 2nd
Payment Type
Amortized
Purchase Price
$650,000
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Term
5 years
Rate Type
Fixed
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
3,472
Lot Square Footage
17,424
Borrower's Plan
Lease Property
Exit Strategy
Refinance
Interest Rate
10.25%
Deal Summary
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $500,000 1st and 2nd lien position bridge loan for a commercial industrial building in suburban Bakersfield, CA. We funded 75% of the $650,000, while the Borrower contributed 25% cash at closing. The Borrower owned additional property adjacent to the south of the subject building, and those parcels were included in the collateral for the loan on a 2nd position deed of trust. The building was purchased with a long-term tenant in tow, paying enough rent to cover the loan payment. The Borrower plans on redeveloping the adjacent property and either paying off the 1st trust deed in full or refinancing with institutional money. The subject property was in good condition. It was approximately 3,472 square feet set in a 17,424-square-foot lot. The interest rate was fixed at 10.25% with amortized payments. The loan term was set at 60 months. This CRE bridge loan was funded in March 2023.
Funded By
Karpe Real Estate Center
Private Lending for Central California Real Estate - Bakersfield, Fresno, Central Valley, Sacramento | Est. 1926
Dealmakers
Broker Associate
Stephen Hale
DRE# 01997969