Very successful real estate investor and multiple businesses owner sought a 1st TD straight rate and term refinance on this non-owner occupied SFR investment property in Bakersfield, Kern County, CA.
In addition to this investment property, borrower wholly owns $18M in market value in Schedule of RE portfolio with $10M Net Equity throughout Kern County, CA. Also, borrower owns several companies that service the Agricultural industry in the surrounding Bakersfield areas which provide sources of income, in addition to the rental income, to service this debt. Borrower’s companies are not limited to but include a 60,000 SF AG cold storage facility as well as an AG pesticide manufacturing plant. Borrowers’ family LLC also owns a 61 Unit Condominium Complex in Oceanside, CA.
The subject property is a one-story, ranch style SFR in the privately gated “Stockdale Estates” with country club and golf course within this locally desirable suburban neighborhood of Bakersfield, CA. The subject property has 5,183 SF of living space and sits on .62 acres of very well-manicured grounds featuring a pool, spa, outdoor fireplaces, gazebo and courtyards. The subject property consists of a total of 12 rooms, 5 Bed / 4.5 Bath, formal + family living rooms, dining room, a library and a gym plus a 3-car attached garage. Per broker price opinion comments “There are very limited listings in the locality. Houses that come up on the market sell fast”.
The subject property currently earns $5,500/mo. with lease ending January 2023 at which time borrower is increasing rent to $7,500/mo. to be in line with market rents in area for similar subject properties. The subject property is surrounded by similar large residential, suburban estate homes.
The subject property is well-located walking distance to the “Stockdale” private country club and golf course, near the Kern River and local popular “Park at the Riverwalk”, near Cal State Bakersfield college, many local schools, shopping/restaurants. The subject property is east of the 5 Fwy.
What we like about this Trust Deed opportunity:
- Good condition SFR in a privately gated country club and golf community
- Successful real estate investor and business owner
- 10.50% Investor Yield
- LTV: 60.00%
- $10M Net Equity Schedule of Real Estate (investor dropbox)
- 6 Months Guaranteed
- 4 Months Prepaid