An LLC owned by two business partners needed a $1.5 million hard money loan.
One of the business partners loaned the LLC $1.5 million over the past two years to improve all five properties in the LLC, covering permits, architecture, hard costs, square footage expansion, and extensive full remodels.
The LLC will assume this hard money loan and use it to repay the business partner.
The lease income for all five properties totaled around $70,000 per month for the previous year.
The current lease agreements have 2.5 years remaining, and over $30,000 per month of net cash is available to service the proposed loan.
The existing 1st trust deed debts are all bank loans with fixed interest rates under 5.0%, including property taxes in the mortgage payments.
After servicing the debt on 1st trust deed mortgages, the leases generated over $30,000 monthly.
One of the business partners will personally guarantee this loan, and the leases will remain in place throughout its two-year life.
Whether you need a fix and flip loan in Long Beach or a commercial refinance loan in Pasadena, Crescent Lenders has you covered.
We are considered the premier commercial hard money lenders in Los Angeles.
