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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/06/2023
Property Type
Property City
Sierra Madre
Property State
CA
Loan Term (months)
24
Lien Type
1st and 2nd
Payment Type
Interest Only
Property Value
$1,000,000
Previous Loan Balance
$350,000
Loan-to-Value
58%
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Building Square Footage
950
Borrower's Plan
Short-Term Rental
Exit Strategy
Pay Down
Borrower Credit Rating
Good
Interest Rate
12%
Deal Summary
Karpe Real Estate Center, a direct private lender for Central California real estate, funded a $585,000 1st and 2nd lien position private money loan secured by a single-family rental home in Sierra Madre, a small city near Pasadena, California. The property value was estimated at $1,000,000 so our loan-to-value was 58%. We paid off a previous loan balance of $350,000. The Borrower used the cash out on her short-term rental in order to purchase a fix and flip property. We wrapped another home into the loan and went in 2nd position on the additional property. The total value of both homes was $2,000,000 and the combined loan-to-value was approximately 50%. The Borrower was successful in purchasing a 3rd property in order to start renovations. The subject property was in excellent condition and tenant-occupied at closing. It is approximately 950 square feet. The Borrower had good credit. She plans to pay off the loan over the 24-month term. The interest rate was 12%. This SFR private money loan was funded in September 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