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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
05/04/2023
Property Type
Property City
Lodi
Property State
CA
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,020,000
Previous Loan Balance
$850,000
Loan-to-Value
42%
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
2
Building Square Footage
7,014
Lot Square Footage
37,539
Borrower's Plan
Long-Term Rental
Exit Strategy
Conventional Loan
Borrower Credit Rating
Average
Interest Rate
10.50%
Deal Summary
Karpe Real Estate Center, a direct private lender for Central California real estate, funded an $850,000 1st lien position private money loan secured by a gas station and quick lube shop in Lodi, CA. The property value was estimated at $2,020,000 so our loan-to-value was 42%. We paid off a previous loan balance of $850,000. The Borrower needed a bridge loan out of a current mortgage that was maturing. The deal was co-brokered, and the co-broker was paid directly through escrow. The subject property had a clean Phase 1 and 2 with long-term tenants in place. It was in good condition and was approximately 7,014 square feet set in a 37,539-square-foot lot. The Borrower had average credit. They plan to extend the leases on the property and continue seeking a conventional loan as an exit strategy. The interest rate was 10.50%. The loan term was set at 36 months. This CRE bridge 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
CA DRE Lic. 01997969