Bridge Loan for 12-Unit Multifamily Property in Cedar Glen, California

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

04/18/2023

Property Type

Multifamily

Property City

Cedar Glen

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Property Value

$1,840,000

Previous Loan Balance

$1,100,000

Loan-to-Value

65%

Location Type

Vacation Area

Property Condition

Newly Renovated

Occupancy at Closing

All Units Occupied

Number of Units

Lot Acreage

.29

Borrower's Plan

Continue Rental

Exit Strategy

Sale

Borrower Credit Rating

Good

Interest Rate

10.50%

Deal Highlights

Quick Close

Refinance With Points and Fees Added In

Deal Summary

Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $1,200,000 1st lien position refinance bridge loan for a 12-unit multifamily property in Cedar Glen, CA. The property value was estimated at $1,840,000 so our loan-to-value was 65%. We paid off a previous loan balance of $1,100,000. The Borrower had a loan maturing and needed a quick bridge loan while the property was put on the market for sale. The units were completely renovated and fully leased at the time of loan closing. The 0.29-acre property sits near a popular vacation spot in Lake Arrowhead. The Borrowers plan on selling the property and exchanging it for their next project. The Borrower had good credit. The interest rate was 10.50%. The loan term was set at 12 months. This multifamily bridge loan was funded in April 2023.