The borrower, a prolific fix-and-flip investor in the Los Angeles market, purchased the subject property for $1,250,000 in late 2017.
With over 25 years of experience in the home renovation business and a vast network of brokers and banks, the borrower invested around $350,000 in remodeling and upgrading the property.
Although the property was leased out, the tenant did not work out, so the borrower has decided to list it for sale with an asking price of approximately $1,500,000.
As the borrower's existing bridge loan was nearing its maturity date, Crescent Lenders was able to refinance the loan and provide additional financing to help the borrower hold over until the sale of the property was completed.
The borrower has a strong track record with Crescent Lenders and a solid credit profile.
If you have found a home to purchase in Pasadena, need to get cash out of a commercial property in Santa Clarita, or would like to refinance an expiring hard money loan in Long Beach, Crescent Lenders can solve all your California private money needs.
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