The borrower requested a $1.4 million hard money loan to purchase a 5-bedroom, 3-bathroom single-family residence with 3,510 sq. ft. in Berkeley, California.
The purchase price was $2.1 million, and the buyer put down $700,000 plus closing costs.
Once small improvements are made, the property will be staged and resold.
The borrower expects to have this property resold and the loan paid off within 3 to 4 months.
The subject property is located near The UC Berkeley campus and is in a fantastic rental market.
The most recent tenants of the home were UC Berkeley students.
Our borrower is a repeat client and has proven to be able to buy and resell properties for a profit.
Whether you've found the ideal location for an assisted living facility in Pasadena or need to refinance a bridge loan coming due in Long Beach, Crescent Lenders is here to help.
Our team of experienced private money lenders specializes in providing customized lending solutions for various real estate needs, including bridge loans, fix and flip loans, and cash-out refinancing.
Check out our Fix and Flip Loans California page for more information.
