The borrower works as a building inspector supervisor for the State of California and therefore has good working knowledge of construction.
He had all necessary permits and his cousin, who is in the remodel and fix-n-flip business, is managing the project.
Upon purchase, the property was a 2 bedroom and 1 bathroom, 910 sq. ft. home.
The borrower added 391 sq. ft. to the existing structure and a new garage with a 375 sq. ft. studio.
After the expansion, with the additional square footage and studio, the property will
be marketed at a sales price of around $1.0 million.
The property is located in a good area of Los Angeles (adjacent South Pasadena and Alhambra).
The borrower’s good credit and knowledge combined with a great property location made this an attractive bridge loan to fund.
Perhaps you need a bridge loan for a 1031 exchange transaction in Irvine or are seeking probate financing in Anaheim. No matter what, Crescent Lenders is ready to help with our hard money loans and excellent customer service.
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