Listing photoBakersfield, CA 93301 · MLS RS26228533
"Cash offers only, as the property will not qualify for traditional financing."
2604 Spruce St is a 3-bedroom, 1-bath home in Bakersfield, California listed at $199,900 with 1,167 square feet, built in 1948. The seller is asking for cash or hard money, so it is priced here on our fix and flip loan: an investor with 1 to 2 completed projects and a 740 score puts 25% down ($49,975), we fund the $128,370 renovation estimate in draws, and the loan closes in 2 weeks. The down payment steps with experience, credit and the size of the renovation. A California buyer can also close in 3 days with 35% down and no appraisal. See every hard money opportunity in California or our California hard money lending page.
From the listing. Diamond in the rough near the Kern River, 3 bed 1 bath, 1,167 sf. Cash offers only, as the property will not qualify for traditional financing.
Preset with the list price and our rough renovation estimate. Change your score, your experience, the budget or the after-repair value and the numbers below move with them. Nothing is pulled and nothing is saved.
| Item | Option 1: 35% down | Option 2: 25% down |
|---|---|---|
| At closing | ||
| Qualifies as entered | Yes | No |
| Buyer down payment | $49,975 (25%) | $69,965 (35%) |
| Loan at closing | $149,925 | $129,935 |
| Full renovation, rough estimate* | We fund $128,370 | Buyer pays $128,370 |
| Total loan | $278,295 | $129,935 |
| Rate, interest only | from 9.25% | 10.5% |
| Points | 1.5 ($4,174) | 1.5 ($1,949) |
| Appraisal | Required | None |
| Estimated monthly interest | $2,145 at full draw | $1,137 |
| Cash to close, rough estimate | $58,539 | $71,914 |
Rough estimates at the list price of $199,900 for a 740 score and 1 completed project. This is not a commitment to lend.
*Every figure on this page is a rough estimate. The renovation budget is a super rough placeholder at $110 per sq ft, not a bid or an inspection; get your own contractor numbers before you offer. Indicative estimate for discussion, not a commitment to lend. Business-purpose loans to investors only; final terms are set at submission. Fix and flip loans are sized on an appraisal and must stay under 75% of after-repair value. 10% down takes a 740 score or a deeper track record; a first flip under 720 puts 25% down. The no-appraisal option is available in major California markets. Fix and flip fees include administration, documents, legal, draw inspections and servicing. Title, escrow and taxes are not included.
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