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.
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.
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