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.