The borrower was seeking an 18 month bridge loan for $340,000 to pay off two private money loans totaling roughly $290,000.
The $50,000 difference will be used to replenish operating funds for the business.
The borrower has over 20 years of real estate investment experience and owns several small triplexes and fourplexes in the Greater Los Angeles area.
The subject property was a four unit building that collects a total of $6,000 per month in rent.
Two of the units are 4 bedrooms, 1 bathroom and the other two units are 1 bedroom, 1 bathroom.
Our current estimated value of this real estate collateral was about $900,000, resulting in a loan-to-value ratio of under 50%.
This 1st position private money loan was funded because of the strong equity position to support the loan of $340,000.
Have you come across a distressed property ripe for a fix-and-flip in Inglewood? Or are you a foreign national looking to buy an apartment complex, but struggling to secure financing?
Crescent Lenders can help!
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