Crescent Lenders Funds
$900K Hard Money Cash-Out Loan On Tow Truck Yard
Costa Mesa, Orange County
About The Deal
Crescent Lenders recently provided financing for the purchase of a $4 million dollar tow truck yard for a repeat borrower.
The borrower already owns a tow truck yard in Fullerton, which is free and clear and has an appraised value of $1.5 million. He wanted to cash-out $900,000 on this property.
Crescent Lenders agreed to assume the 1st position for $800,000, while a different lender will take the 2nd position on the property at $100,000.
The borrower intends to use the funds to purchase an additional tow yard in Costa Mesa, which is located in Orange County. The tow yard in Costa Mesa is being bought for $4 million, and the $900,000 hard money loan will serve as the down payment.
After 18 months, the borrower plans to refinance into a traditional bank loan to increase his cash flow.
Crescent Lenders has a long-standing relationship with this borrower, having successfully funded multiple deals for him across Southern California. His outstanding character, strong credit, and years of experience in his industry made this an easy loan to fund.
$800,000
Costa Mesa, Orange County
9.0%
65.0%
18 months
Purchase
Tow Yard
Refinance with a Traditional Bank
Looking for a Purchase Loan Near Costa Mesa?
Crescent Lenders is a top rated private money lending company providing loans around The Orange County area.
We have been providing loans to commercial, residential and industrial California real estate investors for over a decade.
Whether you require a loan for a 1031 exchange transaction in Irvine or are a foreign national seeking to purchase an investment property in Anaheim, we can secure funding for your project within just 5 to 7 days.
Discover why Crescent Lenders is one of the top hard money lenders in Orange County.
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