Long Beach Hard Money Loan
This borrower flips about 10-15 properties per month, all of which are remodeled and sold for a profit.
The owner has been in this business for over 25 years.
This subject property located in Long Beach is a 2 bedroom, 1 bathroom home with 1,116 sq. ft.
The total projected cost of this project was $574,000 which included acquisition, remodel and interest expenses.
The $94,000 2nd position hard money loan was behind a new 1st position hard money loan for $480,000.
The $94,000 will be used for servicing the 1st position private money loan, remodeling expenses and for 10% of the purchase price.
No monthly interest payments were made by the borrower, instead the interest on this 2nd position private money loan accrued and once the property sells, the principal balance will be paid in full.
- $94,000
- Amount
- Location
- Long Beach, Los Angeles County
- 6 Months
- Length
- 115
- LTV
- 20.0
- Rate
- Purchase Financing
- Type
- Residential
- Single-Family Home
- Exit Strategy
- Sell the property
Looking for a Long Beach Hard Money Lender?
Do you know of a cheap or distressed property worth renovating in the Seal Beach area? Or are you looking to buy a condo in Torrance but are struggling to obtain financing?
Let Crescent Lenders take care of it!
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
info@crescentlenders.com
213-474-3131
Crescent Lenders, 2999 Overland Ave, Suite 116, Los Angeles, California, 90064