Our borrower requested a 12 month bridge loan for the purchase of a 5-unit apartment building in Pomona, California at a cost of $949,000.
The buyer plans to put down 20% of the purchase price ($189,800) plus the closing costs.
Each unit consists of 2-bedrooms and 1-bathroom with a monthly rental income of $1,300, bringing in a total gross monthly rent of $6,500.
The borrower is an experienced and trustworthy investor with a solid payment history, an excellent credit score and a successful track record of investments with us.
The plan is to improve and stabilize the property's condition to increase the annual rental income and then refinance with an institutional lender.
Crescent Lenders is a top rated private money lending company providing loans in and around The Los Angeles area.
We have been providing loans to commercial, residential and industrial California real estate investors for over a decade.
Whether you need a bridge loan for a 1031 exchange transaction in Long Beach or are looking to refinance an existing hard money loan coming due soon for an investment property in Glendale, Crescent Lenders has the expertise and resources to get you the short-term financing you need
Checkout our bridge loan California page for more information.
Suite #116, 999 Overland Ave
Los Angeles, California
90064