Private Money Loan for Single-Family Residence in Danville, California

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

06/09/2023

Property Type

Single Family Residence

Property City

Danville

Property State

Loan Term (months)

Lien Type

1st Mortgage

Payment Type

Interest Only

Purchase Price

$2,150,000

Loan-to-Purchase Price

70%

Borrower's Contribution to Purchase

30%

Source of Borrower's Contribution

Cash

Location Type

Suburban

Property Condition

Excellent

Occupancy at Closing

Vacant

Number of Units

Borrower's Plan

Long-Term Rental

Exit Strategy

Refinance

Borrower Credit Rating

Good

Interest Rate

11%

Deal Summary

Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $1,505,000 1st lien position private money loan for the acquisition of a single-family home in Danville, an affluent town just east of Oakland, California. We funded 70% of the $2,150,000 purchase price, while the Borrower contributed 30% cash at closing. The Borrower used a combination of cash and 1031 exchange funds from another property sale to buy this single-family home in a gated community. They plan to hold it as a long-term rental. They had good credit. Karpe was able to provide an 18-month bridge loan while the Borrower leases the property to a long-term tenant. They plan to refinance with a conventional or DCSR rental loan. The subject property was in excellent condition and vacant at closing. The interest rate was 11%. This SFR private money loan was funded in June 2023.