The borrower was seeking a private loan to purchase a multi-family apartment complex in Montebello, California.
Located in a strong rental market, the subject property has 17 units, including thirteen 2-bedroom, 1-bathroom units, three 1-bedroom, 1-bathroom units, and one 3-bedroom, 2-bathroom unit.
The 12,414 sq. ft. building sits on a 40,700 sq. ft. lot, with on-site parking for the tenants and a total monthly rent of $22,416.
The subject property is in fair condition but could use a light remodel.
The borrower is an experienced real estate investor for whom Crescent Lenders has arranged numerous Southern California hard money loans over the past 5 years.
The borrower has an excellent track record with us and has also demonstrated a keen ability to acquire properties they later resell for a profit.
The buyer is putting down 15%, equating to $570,000 in cash.
Crescent Lenders provided the borrower with a $2.5 million first-position hard money loan, $380,000 second-position hard money loan, and $350,000 third-position hard money loan.
The 3rd position loan will be due in 4 months once the borrower sells another property.
The 2nd and 3rd position hard money loans will have 4 months of prepaid interest.
After completing a light remodel and increasing rent, the borrower will transition out of the bridge loan and into a traditional bank loan with a lower interest rate.
Whether you need an estate loan for your inherited property in Santa Monica or a bridge loan for a rental property in Manhattan Beach, you’ll find some of the best rates, fees, and services with us.
Check out our bridge loan rates California page to see how we can work together.
