The borrower was seeking a $100,000 second-position hard money loan to finish improvements on a multi-family apartment complex they are fixing and flipping in Los Angeles, California.
The $100,000 will be repaid by selling the fix and flip or via a refinance loan.
An existing 1st position private money loan with Crescent Lenders was arranged in September 2018.
The combined loan-to-value of the first- and second-position hard money loans is under 65%, and the subject property has a current market value of over $1,000,000.
The collateral property is in a strong rental demand area – Boyle Heights (just 10 minutes east of downtown Los Angeles).
There are five 2-bedroom, 1-bathroom units, which produce gross monthly rents of $6,300.
The borrower is an experienced real estate investor and has been a broker for 25 years.
Crescent Lenders has previously provided financing to this borrower, and the payment history has been very satisfactory, which encouraged us to make this loan.
When traditional bank loans are not an option for your Long Beach fix-and-flip project, or when you need a probate loan for an inherited property in Torrance, look no further than Crescent Lenders, a private money lender with a proven track record of success in providing alternative financing solutions for various real estate investments.
Learn more about our California Fix and Flip Loans.
