The borrower sought short-term financing to purchase a $2.2 million residential luxury townhome in Pasadena, California.
The subject property was just over 3,000 sq. ft. and was part of a new residential development.
With a strong monthly income and an excellent FICO score of 770, the buyer was financially capable of making the required monthly interest payments.
The borrower was putting down $1.25 million and needed to borrow $950,000 to complete the purchase.
With a loan-to-value ratio of under 50%, the result is a very stable and secure private money loan.
Lastly, the borrower planned to obtain a traditional bank loan as an exit strategy from the bridge loan.
Whether you require assistance refinancing an existing private money loan for an investment property in Long Beach or are looking to buy an apartment complex in Brentwood but don't meet the criteria for a conventional bank loan, Crescent Lenders is prepared and capable of fulfilling all your California Bridge Loans.
