Our client, who is an experienced developer, was seeking a $400,000 2nd position bridge loan in Los Angeles to help complete 8 townhomes currently under construction.
The 8 townhomes were in various stages of completion from 55%-70% completion.
The collateral for this private money loan was the entire site of 24 townhomes (there is currently one legal parcel).
Once each townhome is complete and sold, each townhome will have its own separate APN.
As each townhome is sold, the borrower will paydown the 1st position hard money loan held by a different lender.
Our 2nd position hard money loan of $400,000 will be behind the existing $1.675 million 1st position hard money loan and therefore had an LTV of about 50%.
The townhouses will have two stories, three bedrooms, two bathrooms and around 1,550 square feet of space. They are estimated to sell for between $575,000-$670,000 each.
The property is located in a nice area of Downey, California.
The borrower has good credit and Crescent Lenders has provided the borrower with 3 loans over the past 5 years.
If you’ve found a property for sale in Beverly Hills that needs some fixing up, or if you're looking for investments and would like access to private money lending, Crescent Lenders is the premier hard money lender in California.
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