The borrower acquired a 3,850 sq. ft. 6-bedroom, 3-bathroom single-family Airbnb in Huntington Beach, California, for 3.5 million dollars.
For this particular transaction, the borrower was seeking a bridge loan of $2,245,000 to purchase the Orange County property.
The borrower put down 20%, which came out to $700,000.
There was also a 2nd position private money loan on the property held by Crescent Lenders for an additional $700,000 at a slightly higher interest rate.
The 1st position hard money loan was at 65% loan-to-value, giving us a strong equity position.
The buyer will operate the property as an Airbnb vacation rental.
After 6 to 12 months of ownership, the borrower will refinance into a traditional bank loan to pay us back.
We have successfully performed numerous bridge loans with this borrower in recent years and are confident the investment will be successful.
Did you find the perfect home to fix and flip in Anaheim, or maybe you need to refinance an existing bridge loan in Costa Mesa? Whatever short-term financing you need, Crescent Lenders can make it happen.
As a leading bridge loan lender in Orange County, Crescent Lenders offers competitive rates and flexible loan terms to meet your unique financing needs.
Check out our Orange County hard money lenders page for more information.
