The borrower needed a bridge loan to pay off a $4.0 million balance with their existing hard money lender.
They paid $1.0 million to bring the loan balance down to $3.0 million.
The subject property was a 3 bedroom, 3 bathroom 2,252 sq. ft. single-family residence with ocean views and only steps to the beach in Carmel-by-the-Sea, Monterey.
Extensive improvements were made, and the property was in escrow to be sold at a nice profit, but there were several delays with PG&E connecting utilities from the street to the property.
The existing lender would not renew the private money loan due at the end of February 2021.
The borrower is a CPA with strong financial capacity and excellent credit and is a well-known repeat client of Crescent Lenders.
With the borrower putting down $1.0 million to reduce the existing principal loan balance from $4.0 million to $3.0 million, the loan-to-value was a strong 33% based on the pending sales price.
If you've found a great investment property in Pebble Beach that needs some fixing, or if you're looking for a rental property in Monterey and are unsure where to turn for private money lending, we at Crescent Lenders can help.
Check out our Private Money Loans California page for more information.
