The borrower is a real estate agent and a fix-and-flip investor from Orange County with over 20 years of experience.
She acquired the subject property in Huntington Beach for $1.1 million by putting down 20% or $220,000 plus closing costs.
The borrower also got a 2nd Trust Deed loan for $110,000 behind the new 1st Trust Deed loan of $770,000 we provided.
Within the first week of the subject property being listed for sale, seven purchase offers were submitted.
With a Huntington Beach hard money loan provided by Crescent Lenders, our borrower was able to secure the winning bid due to her all-cash offer and quick 7-day escrow closing period.
Other offers had longer escrow periods and were contingent on bank loan approval, both of which were unappealing to the seller.
The subject property is a 1,560-square-foot, four-bedroom, two-bath single-family residence in Huntington Beach, California.
The borrower will remodel the property and put it back on the market for sale.
We have successfully arranged multiple loans for this borrower over the past seven years, with a cumulative value of over $25 million.
The borrower has a strong track record of timely payments and paying off hard money loans on or before the loan maturity dates.
In conclusion, we funded this Huntington Beach hard money loan because the loan-to-value ratio is 70%; the borrower has a great payment history, vast experience in the fix-and-flip business, and a clear exit strategy through selling the subject property.
Crescent Lenders is a highly rated private money lender in California with an office in Los Angeles.
We have offered loans to commercial and residential real estate investors throughout California for over a decade.
Whether you need a San Diego bridge loan lender, a Santa Monica hard money loan, or a Long Beach private money loan, Crescent Lenders' California Hard Money Loans provide the flexible and reliable financing you need.
