Crescent Lenders recently provided financing for a repeat borrower's purchase of a $4 million dollar tow truck yard.
The borrower already owns a tow truck yard in Fullerton, which is free and clear and has an appraised value of $1.5 million. He wanted to cash out $900,000 on this property.
Crescent Lenders agreed to assume the first position for $800,000, while a different lender will take the second position on the property for $100,000.
The borrower intends to use the funds to purchase an additional tow yard in Costa Mesa, Orange County. The tow yard in Costa Mesa is being bought for $4 million, and the $900,000 hard money loan will serve as the down payment.
After 18 months, the borrower plans to refinance into a traditional bank loan to increase his cash flow.
Crescent Lenders has a long-standing relationship with this borrower, having successfully funded multiple deals for him across Southern California. His outstanding character, strong credit, and years of experience in his industry made this an easy loan to fund.
Whether you require a loan for a 1031 exchange transaction in Irvine or are a foreign national seeking to purchase an investment property in Anaheim, we can secure funding for your project within 5 to 7 days.
Discover why Crescent Lenders is one of the top hard money lenders in Orange County.
