Our borrower sought a $100,000 2nd position hard money loan for 12 months.
The subject property was acquired over 1 year ago, and the funds will be used to replenish cash reserves.
The borrower owns three other properties, including a condo in West Hollywood, and has an excellent credit score.
Crescent Lenders has arranged numerous private money loans for this borrower over the past 6 years with a stellar payment history.
The collateral asset was a 12-unit apartment complex in Indio, California, valued at $800,000.
There was a 1st position hard money loan for $317,000 from another bridge lender with an obligation of $1,733 monthly interest payments.
The gross monthly rent per year is $88,000 (or $7,333 per month).
This bridge loan includes 12 months of prepaid interest, giving the borrower sufficient time to repay the loan via a refinance or by selling another property.
The 2nd position hard money loan is viewed as a great investment based on the strong equity position, excellent credit score, 12 months of prepaid interest as well as the additional sources of income from the borrower’s three other investment properties.
At Crescent Lenders, we understand that traditional bank loans don't always fit every borrower's needs, especially when it comes to unique financing situations such as purchasing an investment property in highly sought-after Santa Monica or obtaining an inheritance loan for a property that you are not on the title for in Long Beach.
That's why our experienced team of private money lenders offers a range of flexible and personalized financing options to help you achieve your real estate goals. Whether you're a seasoned investor or a first-time buyer, we have the expertise and resources to tailor our loan products to your specific needs and ensure you can close on your dream property.
Click here to see why we are California's premier hard money lenders.
