Crescent Lenders Funds
$400K Bridge Loan for Multi-Family Townhome Construction
Downey, Los Angeles
About The Deal
An experienced developer approached us for a $400,000 2nd position bridge loan in Los Angeles to assist in completing eight townhomes that are presently under construction. The townhomes are at varying stages of completion, ranging from 55% to 70%.
The entire site of 24 townhomes, which currently sits on a single legal parcel, serves as collateral for this private money loan. As each townhome is completed and sold, a separate APN will be assigned.
The borrower will use the proceeds to pay down the 1st position hard money loan held by another lender.
Our 2nd position hard money loan of $400,000 will come second to the existing $1.675 million 1st position hard money loan. Therefore, the loan-to-value ratio will be approximately 50%.
The townhomes will consist of two stories, three bedrooms, two bathrooms, and approximately 1,550 sq. ft. of space. Each unit is estimated to sell for between $575,000 to $670,000.
Crescent Lenders has provided the borrower (who has great credit history) with three loans over the past five years and the property is located in a desirable area of Downey, California.
$400,000
Downey, Los Angeles
12.5%
50.0%
12 months
Bridge
Multi-Family Townhomes
Sell the properties
Looking for a Bridge Loan Near Downey?
Crescent Lenders is a top rated private money lending company providing loans in and around The Los Angeles area.
We have been providing loans to commercial, residential and industrial California real estate investors for over a decade.
Whether you've found a property for sale in Beverly Hills that you would like to fix and flip or need a refinance loan on a light industrial property in Los Angeles, Crescent Lenders has you covered.
Want to know more about our financing options? Find out why we are the best bridge loan lenders in California.
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