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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/15/2023
Property Type
Property City
Bakersfield
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$260,000
Loan-to-Purchase Price
36%
Borrower's Contribution to Purchase
64%
Source of Borrower's Contribution
Cash and Seller Financing
Renovation Budget
$226,000
Renovation Budget Funded
100%
Borrower's Contribution to Budget
0%
After-Repair Value
$486,500
Loan-to-After-Repair Value
65%
Renovation Project Scope
Heavy Rehab
Location Type
Suburban
Property Condition
Poor
Occupancy at Closing
Vacant
Number of Units
1
Building Square Footage
2,299
Lot Square Footage
19,565
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
11%
Deal Summary
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $320,000 1st lien position fix and flip loan for a single-family residence in suburban Bakersfield, CA. We funded 36% of the $260,000 purchase price and 100% of the $226,000 renovation budget. The Borrower used some of their own cash and seller financing in 2nd lien position for the remaining 64% of the purchase price. The after-repair-value was $486,500 so our loan-to-value was 65%. The $226,000 renovation budget was sent to a 3rd party funds control to be held in trust while the Borrower performs the renovation. Draws will be utilized in order to reimburse the Borrower or pay the subcontractors. The subject property was vacant at closing. It is approximately 2,299 square feet set in a 19,565-square-foot lot. The Borrower plans to sell the property upon completion of the heavy rehab. The interest rate was 11%. The loan term was set at 12 months. This SFR fix and flip 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