Our borrower was seeking a $100,000 2nd position hard money loan for a term of 12 months.
The subject property was acquired over 1 year ago and the funds will be used to replenish cash reserves.
The borrower owns three other properties including a condo in West Hollywood and has an excellent credit score.
Crescent Lenders has arranged numerous private money loans for this borrower over the past 6 years with a stellar payment history.
The collateral asset was a 12 unit apartment complex located in Indio, California with a value of $800,000.
There was a 1st position hard money loan in place for $317,000 from another bridge lender with an obligation of $1,733 per month in interest payments.
The gross monthly rent per year is $88,000 (or $7,333 per month).
This bridge loan includes 12-months of prepaid interest giving the borrower sufficient time to repay the loan via a refinance or from the sale of another property.
The 2nd position hard money loan is viewed as a great investment based on the strong equity position, excellent credit score, 12 months of prepaid interest as well as the additional sources of income from the borrower’s three other investment properties.
Looking to purchase an investment property in Santa Monica but don’t qualify for a bank loan or maybe you need an inheritance loan for a property you are not on the title for in Long Beach, whatever your situation, Crescent Lenders can find solutions to your tricky financing scenarios.
Reach out today to see why we are the premier hard money lenders in California!
We Can Deliver Rapid Financing
Between $200k and $5 million dollars
Nationwide private lender (not a broker, avoid the extra fees)
Funding loans such as purchase, refinance, rehab, probate, 1031 exchanges and cash-out
All types of investment properties considered, residential, commercial and industrial
Crescent Lenders, 2999 Overland Ave, Suite 116, Los Angeles, California, 90064