We recently took a $2.1 million 1st position hard money on a rehab project in Los Feliz, California.
The subject property was a 3,751 sq. ft. home situated on a 21,566 sq. ft. lot.
The house has 4 bedrooms, 3.5 bathrooms, a studio apartment over the garage and a pool.
The property was purchased in 2018 for $2.3 million and the borrower made approximately $400,000 worth of upgrades and repairs in an attempt to fix and flip the property.
The borrower listed the property for $3.9 million but was unable to get any offers.
The homeowner had a $2.6 million private money loan with another lender that was reaching its maturity date.
We required the borrower to inject $500,000 of additional funds into the property to increase his equity position.
The sale price of the property was recently reduced to $3.4 million.
Our estimation was the property would sell within the next 6 months for between $3.1 to $3.3 million.
Our $2.1 million private money loan, puts the LTV at around 65%.
This loan was attractive to us because of the property’s great location, the new condition of the home and the borrower being a repeat client with a strong track record.
Crescent Lenders is the most trusted California hard money lender by commercial and residential real estate investors.
Whether you need a probate loan to buy out your siblings for an inherited property in Long Beach or would like to refinance a hard money loan for an office building in Hollywood, our knowledgeable and experienced team can assist you with all your 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