Private Money Loan for Commercial Industrial Building in Bakersfield, California

Funded by Karpe Real Estate Center

$500,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

03/13/2023

Property Type
Industrial
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 Highlights

Additional Collateral Included
New Tenant Secured at Funding

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

Stephen Hale

Broker-Associate

CA DRE Lic. 01997969