The borrower acquired a 3,850 sq. ft. 6 bedroom, 3 bathroom single-family Airbnb in Huntington Beach, California for $3,500,000.
For this particular transaction, the borrower was seeking a bridge loan of $2,245,000 for the purchase of 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 6-12 months of ownership, the borrower will refinance into a traditional bank loan in order 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 need to refinance an existing bridge loan in Irvine, whatever short-term financing you need, Crescent Lenders can make it happen.
With over a decade of knowledge and experience financing California hard money loans, come see why we are The Golden State’s most trusted private money lender!
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