The borrower was in need of a private money loan for the purchase of an 8 unit multi-family apartment complex in Whittier, California.
The purchase price was $1,585,000.
Located in a strong rental demand market, the subject property has three units which are 2 bedrooms, 1 bathroom and five units which are 1-bedroom, 1 bathroom.
The buyer provided a 15% down payment and there will be a new 1st position hard money loan for $1,050,000 as well.
The borrower has been a Crescent Lenders client for over 4 years and has received various Los Angeles hard money loans from us during that time period.
In that time, the borrower has demonstrated themselves to be reliable and profitable fix-and-flippers.
The buyer plans to refinance in about 6 months with a traditional bank.
We're not your typical hard money lender.
We've funded hundreds of deals and have intimate knowledge of the local market, making us the ideal choice for your private money needs in California.
If you are an investor looking for a lucrative deal in Ventura or Montecito, or an individual hoping to fix up their apartment with some extra cash, we can help.
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