Crescent Lenders recently refinanced a private money loan for a 15-unit apartment complex in North Hollywood, Los Angeles.
Each unit in the apartment building has 2 bedrooms and 2 bathrooms and is over 1,000 sq. ft.
By valuing each apartment at roughly $200,000, the entire complex has an approximate value of $3 million.
We gave the borrower a $1.625 million dollar bridge loan to refinance out of an existing $1.5 million private money loan.
The loan-to-value ratio for this particular deal was 55%.
Crescent Lenders holds a 1st lien position with a 9.50% interest rate that expires after 24 months.
For the past 8 years, we have successfully funded numerous private loans for this borrower.
The borrower is a high-net-worth individual with plenty of experience in the North Hollywood real estate market.
North Hollywood is a great Los Angeles neighborhood for real estate investors since renters inhabit more than 75% of all housing.
Whether you need funding for a rehab project in Manhattan Beach or want to cash out some built-up equity in your Venice Beach condo, whatever your situation may be, Crescent Lenders is here to assist you with all your California hard money needs.
We specialize in providing bridge loans for all properties up and down the California coast.
Look at our California Hard Money Loans to see how we can work together.
