Our borrower in Beaumont, California had recently acquired a home for $200,000 (cash) and was in need of $75,000 to do a complete remodel.
The borrower owns multiple investment properties and also has a good credit score.
The loan-to-value was strong coming in at under 50%.
The interest rate at 10% was adjusted from our current 9.0% average due to the location of the property.
Repayment will be made within 12 months but since the average fix-and-flip takes 6 months the payment could come much sooner.
Ultimately the 1st position private money loan was funded based on the strong equity position and the borrower’s strong credit.
Whether you need a private money loan to purchase a distressed property in Temecula that won’t qualify for a bank loan or found a great vacation rental property in Palm Springs, Crescent Lenders can provide financing for any of your California bridge loan needs.
Private money loans can be an advantageous alternative form of financing for real estate investors, especially those in a competitive market like California.
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