Crescent Lenders recently refinanced a private money loan for a 15 unit apartment complex in North Hollywood, California.
Each unit in the apartment building has 2 bedrooms and 2 bathrooms and is over 1,000 sq. feet.
By valuing each apartment at roughly $200,000 it gives the entire complex an approximate value of $3.0 million.
We gave the borrower a $1.625 million bridge loan in order to refinance out of an existing $1.5 million private money loan.
The loan to value ratio for this particular deal came out to 55%.
Crescent Lenders holds a 1st lien position with a 9.50% interest rate that expires after 24 months.
For the past 8 years we have funded numerous private money loans for this borrower with great success.
The borrower is a high net worth individual with plenty of experience in the North Hollywood real estate market.
North Hollywood is a great Los Angeles neighborhood for real estate investors since renters inhabit more than 75% of all housing.
Maybe you need funding for a rehab project in Manhattan Beach or want to cash-out some built up equity in your Venice Beach condo, whatever your situation — Crescent Lenders is here to assist you with all your California private money loan needs.
We specialize in providing bridge loans for all property types up and down the California coast.
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