The buyer purchased a 1163 sq. ft. 4 bedroom, 2 bathroom home in Baldwin Park for $440,000.
The borrower recently sold two properties in Los Angeles resulting in net proceeds of $2.0 million.
They have been reinvesting the proceeds into various purchases of single-family homes (1031 exchange).
Some properties are being acquired and then fixed and flipped for a profit while other properties are being rehabbed and held onto for cash flow.
Crescent Lenders has worked with this borrower on numerous deals over the past 5 years, all with a positive experience.
The total bridge loan amount is $240,000.
The loan to value is good at 55%, based on a sales price of $440,000, making this a perfect private money loan for us to fund.
Did you come across the perfect home to convert into an Airbnb vacation rental in Malibu or perhaps you want to pull some cash out of your apartment complex in Santa Monica to make repairs before selling, a California hard money loan can be the perfect solution to your short-term funding needs.
Hard money loans require little documentation, can be funded much faster than traditional bank loans and focus more on the collateral asset than a borrower's credit score or income.
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