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.
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!
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