Hard Money Loan for Construction Completion of Carmel-by-the-Sea Single-Family Home

The borrower needed a bridge loan to pay off a $4.0 million balance with their existing hard money lender. 

They made a payment of $1.0 million to bring the loan balance down to $3.0 million.

The subject property was a 3 bedroom, 3 bathroom 2,252 sq. ft. single-family residence in Carmel-by-the-Sea, California with ocean views and only steps to the beach.  

Extensive improvements were made and the property was in escrow to be sold at a nice profit but there were several delays with PG&E connecting utilities from the street to the property. 

The existing lender would not renew the private money loan which came due at the end of February, 2021.

The borrower is a CPA with strong financial capacity, excellent credit and is a well known repeat client of Crescent Lenders. 

With the borrower putting down $1.0 million to reduce the existing principal loan balance from $4.0 million to $3.0 million the loan-to-value was a strong 33% based on the pending sales price.

$3,000,000
Amount
12 Months
Length
33
LTV
10
Rate
Refinance
Type
Residential
Single-Family Home
Exit Strategy
Sell the property

Searching for a Hard Money Lender in Monterey, California?

If you've found a great investment property in Pebble Beach that needs some fixing up, or if you're looking for a rental property in Carmel and are unsure where to turn for private money lending, we at Crescent Lenders can help.

As the top hard money lender in California for over a decade, we have funded hundreds of deals and are eager to help you!

Reach out today.

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
Phone
213-474-3131
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Disclaimer: Crescent Lenders, DBA CrescentLenders.com ("CL") is a California licensed broker under California Bureau of Real Estate License No. #01792267. Regardless of this license, CL considers itself a “finder” for purposes of applicable laws and regulations (California Business & Professions Code § 10130, et. seq.).

Crescent Lenders, 2999 Overland Ave, Suite 116, Los Angeles, California, 90064