The borrower was seeking a $100,000 2nd position hard money loan to finish improvements on a multi-family apartment complex they are fix-and-flipping in Los Angeles, California.
The $100,000 will be repaid through the sale of the fix-and-flip or via a refinance loan.
There is an existing 1st position private money loan with Crescent Lenders that was arranged in September 2018.
The combined loan-to-value of the first position and second position hard money loans is under 65% and the subject property has a current market value over $1,000,000.
The collateral property is located in a strong rental demand area – Boyle Heights (just 10 minutes east of downtown Los Angeles).
There are 5 units, each 2-bedroom, 1 bathroom which produce gross monthly rents of $6,300.
The borrower is an experienced real estate investor and has been a real estate broker for 25 years.
Crescent Lenders has provided previous financing to this borrower and the payment history has been very satisfactory which encouraged us to make this loan.
For over a decade Crescent Lenders has been providing short-term financing for California real estate investors from San Diego to San Francisco.
Maybe you want a fix-and-flip loan to rehab a home in Long Beach or need a probate loan for an inherited property in Torrance, a private money lender like Crescent Lenders is a perfect solution for your alternative financing needs.
If you require a California hard money loan, contact us today for more information!
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