Our borrower requested a 12-month bridge loan to purchase a 5-unit apartment building in Pomona, California, for $949,000.
The buyer plans to put down 20% of the purchase price ($189,800) plus the closing costs.
Each unit consists of two bedrooms and one bathroom, with a monthly rental income of $1,300, for 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 refinance with an institutional lender.
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
Check out our Bridge Loan California page for more information.
