Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
04/06/2023
Property Type
Property City
Palm Desert
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,200,000
Previous Loan Balance
$1,090,000
Loan-to-Value
67%
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
3,241
Lot Square Footage
10,454
Borrower's Plan
Short-Term Rental
Exit Strategy
Refinance
Borrower Credit Rating
Average
Interest Rate
11.5%
Deal Summary
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $1,475,000 1st lien position equity cash-out loan secured by a single-family residence in suburban Palm Desert, CA. The property value was estimated at $2,200,000 so our loan-to-value was 67%. We paid off a previous loan balance of $1,090,000 and provided the Borrower with the desired funds. The Borrower needed to refinance this short-term rental to pull cash out and place it into their business. The Borrower plans to keep using this as a short-term rental and refinance the loan prior to the maturity date. The subject property was in excellent condition and is approximately 3,241 square feet set in a 10,454-square-foot lot. The Borrower had average credit. The interest rate was set at 11.5%. The loan term was set at 24 months. This SFR private money loan was funded in April 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
DRE#01997969