Our borrower wanted $500,000 cash-out for working capital and some light improvements to the subject property.
The owner was in negotiations for the past several months to sell the property for over $12 million to UPS.
Once the owner consummates the sale they will need to relocate.
Some of this cash-out was to help prepare for those relocation expenses.
The collateral was a 66,494 sq. ft. facility located on 3.7 acres in Cerritos, California.
There was well over $4.0 million in protective equity here for this new loan.
The borrower has good credit and this loan is expected to be repaid in 12 months from proceeds from the sale of the property.
Private money loans can be a great alternative source of financing for borrowers who do not qualify for conventional bank loans.
Even if numerous banks have said no to your project, as hard money lenders we use a much different lending criteria to determine if we fund a deal or not.
Crescent Lenders has funded hundreds of bridge loans for real estate investors from San Diego to San Francisco over the past decade and would love to discuss your project with 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