Bridge Loan for 17 Unit Apartment Complex in Montebello, California

The borrower was seeking a private money loan for the purchase of multi-family apartment complex in Montebello, California. 

Located in a strong rental market, the subject property has a total of 17 units which are made up of thirteen 2-bedroom, 1-bath units, three 1 bedroom, 1 bathroom units and one 3 bedroom and 2 bathroom unit.

The total square footage is 12,414 on a 40,700 sq. ft. lot with on-site parking for the tenants and a total monthly rent roll of $22,416 per month. 

The subject property is in fair condition but could use a light remodel.

The borrower is an experienced real estate investor for whom Crescent Lenders has arranged numerous Southern California hard money loans for over the past 4-5 years. 

The borrower has a very good track record with us and has also demonstrated a keen ability to acquire properties they later resell for a profit. 

The buyer is putting down 15% which equates to $570,000 in cash. 

Crescent Lenders provided the borrower with a 1st position hard money loan for $2.5 million as well as a 2nd position hard money loan for $380,000 and a 3rd position hard money loan for $350,000.

The 3rd position loan will be due in 4 months once the borrower sells another property.

Both the 2nd and 3rd position hard money loans will have 4 months of prepaid interest. 

After completing a light remodel and increasing rents, the borrower will transition out of the bridge loan and into a traditional bank loan with a lower interest rate. 

$2,500,000
Amount
12 Months
Length
66
LTV
8.75
Rate
Purchase Financing
Type
Multi-Family
Commercial Apartment Complex
Exit Strategy
Refinance with bank

Searching for a Los Angeles County Private Money Loan?

Interested in a hard money loan for your inherited property in Santa Monica? Are looking to purchase a vacation rental property in Manhattan Beach? You’ll find some of the best rates, fees, and service with us- one of California's leading hard money lenders.

Contact us today for details!

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
Phone
213-474-3131
  • California
  • Los Angeles
  • San Diego
  • San Francisco

Disclaimer: Crescent Lenders, DBA CrescentLenders.com ("CL") is a California licensed broker under California Bureau of Real Estate License No. #01792267. Regardless of this license, CL considers itself a “finder” for purposes of applicable laws and regulations (California Business & Professions Code § 10130, et. seq.).

Crescent Lenders, 2999 Overland Ave, Suite 116, Los Angeles, California, 90064