Deal Details
Private Loan Type
Refinance
Approx. Funding Date
05/03/2023
Property Type
Property City
San Clemente
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$3,640,000
Previous Loan Balance
$2,550,000
Loan-to-Value
70%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
4,409
Lot Square Footage
10,000
Exit Strategy
Sale
Borrower Credit Rating
Good
Interest Rate
10.50%
Deal Summary
Karpe Real Estate Center funded a $2,550,000 1st lien position private money loan secured by a single-family home in San Clemente, Orange County, CA. The property value was estimated at $3,640,000 so our loan-to-value was 70%. We paid off a previous loan balance of $2,550,000. The Borrower was in need of a bridge refinance of an existing mortgage due to the maturity of the loan. The deal was approved the same day as submission, and the funding/close took place approximately 10 days after. The subject property was in good condition and was tenant-occupied at closing. It was approximately 4,409 square feet set in a 10,000-square-foot lot. The Borrower had good credit. They plan to sell the property as quickly as possible and move on to the next project. The interest rate was 10.50%. The loan term was set at 12 months. This private money loan was funded in May 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