Crescent Lenders recently funded a $1.7 million private money loan in Oxnard, California for the purchase of a 20 unit residential apartment complex.
We met the buyer at the property and were very satisfied with the location and condition of the complex.
The borrower is originally from Oxnard so they know the area extremely well and have been successful with prior multi-family investments.
The collateral apartment building currently generates $17,000/month.
The borrower was confident they could increase rents over the next few months for a total monthly income of $21,000.
The current management company had not been increasing rents on an annual basis.
The comparable sales in the area support the purchase price of $2,600,000.
Additionally, the borrower owns two other triplex properties in Oxnard which will be sold through a reverse 1031-exchange to benefit from deferred taxes (reverse exchange allows for purchase of new replacement property before the sale of existing investment).
The borrower has excellent credit and will refinance with an institutional lender once improvements and rental increases are completed.
The buyer put down $780,000 and will make improvements of another $250,000.
We funded this bridge loan because of the strong equity position, good borrower credit and great asset type.
We offer bridge loans for commercial and residential real estate investors in California.
If you're considering a probate loan for an inherited property in Santa Monica, or need to refinance an existing hard money loan in Pasadena, Crescent Lenders is here to help.
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