The borrower purchased a single-family residential property in Ontario, California for $575,000.
The buyer only put down 20%, so due to the high loan-to-value, we requested and received additional cross collateral from a property in Glendale with approximately $500,000 in equity.
Between both properties there was $600,000 in equity which was greater than the bridge loan amount of $460,000.
The borrower has an excellent credit score of over 800 and expects to refinance and pay off this loan with a traditional mortgage in about 3-6 months (this was a 12 month private money loan).
Millions of Californians do not qualify for a traditional bank loan, don’t let this deter you from buying your dream property.
A California hard money loan is a great source of alternative financing to implement strategies such as fix-and-flips, brrrr method or buy and hold.
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