The borrower is an experienced flipper who remodels and sells approximately 10 to 15 properties monthly for a profit. They have been in this business for over 25 years.
The property under consideration is a 2-bedroom, 1-bathroom home in Long Beach, covering an area of 1,116 sq. ft. The total estimated cost for the project, including acquisition, remodeling, and interest expenses, was $574,000.
The $94,000 second-position hard money loan was subordinate to a new first-position hard money loan of $480,000. The borrower intends to use the $94,000 for servicing the first-position private money loan, remodeling expenses, and 10% of the purchase price.
The borrower did not make monthly interest payments on the second-position private money loan. Instead, the interest accrued over time and will be paid in full with the principal balance once the property is sold.
Whether you require a bridge loan to purchase a multi-family property in Downtown Long Beach or need financing to renovate a fixer-upper in the historic district of Belmont Heights, Crescent Lenders is here to assist you with all your private money loan needs in the vibrant city of Long Beach.
Our expertise extends to providing customized solutions for various property types throughout the region, including the sought-after neighborhoods of Naples Island, Bixby Knolls, and Los Altos.
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