Our borrower was seeking short-term funding to refinance a fix-and-flip loan for a single-family home in El Segundo, California.
The existing hard money loan held by a different private money lender had just come due and the borrower needed to refinance with us in order to pay it off.
We made a site visit and determined the property was about 75% complete.
The entire home was gutted out for this rehab project and everything was upgraded, including all new windows, appliances, flooring, as well as the addition of 2 large terraces in the front and back of the home.
Once completed, the 2,150 sq. ft. 3 bedroom, 2 bathroom single-family home will be listed for sale in the $2.1 million range.
This property is located in the beach town of El Segundo, where inventory is limited and rental demand is strong.
Another positive sign is there are other similar types of projects being built in the area (lots of new construction in this same neighborhood).
Crescent Lenders has funded several bridge loans for this borrower over the years including large projects in Montebello, Fullerton and Los Angeles.
The fact the property is almost completed combined with the home being in a desirable area made this hard money loan a perfect fit for us.
Whether you are doing a brrrr project in Inglewood, refinancing an existing bridge loan in Long beach or performing a 1031 exchange for an investment property in Brentwood, Crescent Lenders is prepared to help you with all your California hard money loan needs.
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