In January 2024, Crescent Lenders made a $917,000 bridge loan to a first-time borrower in San Jose, California.
The borrower's primary residence, a single-family home valued at roughly $1.5 million and owned free and clear, will serve as collateral for the loan.
Although the hard money loan has a term of 12 months, the borrowers are expected to pay it off much sooner.
The loan is intended to fund an all-cash purchase of a new primary residence.
The borrower plans to sell their current property within six months to pay the loan in full.
Another important factor was their excellent credit score, some bank reserves, and strong annual income earnings over the past few years.
Their financial stability, clear exit strategy, and San Jose's prime real estate market in California made this an ideal residential bridge loan for Crescent Lenders to fund.
After another stellar year of providing hard money loans to real estate investors across California, Crescent Lenders opened 2024 with a fantastic batch of loans.
Again, we are proving why we are one of California's top private money lenders.
Discover how we provide San Jose Hard Money Loans to borrowers, enabling you to secure an investment property in just days or access cash from an existing property.
