Our borrower was seeking a 12 month purchase financing bridge loan for the acquisition of a 5 unit apartment building in Pomona, California for $949,000.
The buyer is putting down 20% ($189,800 plus closing costs).
All of the units are 2 bedroom, 1 bathroom with rental income of $1,300 per month for each apartment, totaling a gross monthly rent roll of $6,500.
The borrower is an experienced investor and repeat client with a good payment history, track record and high credit score.
The borrower will clean-up the property, stabilize the annual rental income and then refinance with an institutional lender.
There will be a small 2nd position hard money loan by a different lender for $94,000 which will provide additional assurance for our 1st position hard money loan.
Maybe 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?
Regardless of your situation, Crescent Lenders has the expertise and resources to get you the short-term financing you need.
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