Crescent Lenders recently funded a $1.7 million dollar hard money loan in Ventura County for the purchase of a 20-unit residential apartment complex.
We met the buyer at the property and were very satisfied with the location and condition of the complex.
The borrower is originally from Oxnard, so they know the area extremely well and have been successful with prior multi-family property investments.
The collateral apartment building currently generates $17,000 per month.
The borrower was confident they could increase rents over the next few months for a total monthly income of $21,000.
The current management company has not been increasing rents on an annual basis.
The comparable sales in the area support the purchase price of $2.6 million.
Additionally, the borrower owns two other triplex properties in Oxnard, which will be sold through a reverse 1031 exchange to benefit from deferred taxes (reverse exchanges allow for purchasing a new replacement property before selling an existing investment).
The borrower has excellent credit and will refinance with an institutional lender once improvements and rental increases are completed.
The buyer put down $780,000 and will make improvements of another $250,000.
We funded this bridge loan due to its robust equity position, excellent borrower credit, and the property's outstanding asset quality.
We can help with all your hard money needs in the areas around Oxnard, whether you need a bridge loan to purchase a residential property in Camarillo or require financing to renovate a fixer-upper in the historic district of Ventura.
Our expertise extends to providing customized solutions for various property types throughout the region, including the highly sought-after neighborhoods of Thousand Oaks, Simi Valley, and Santa Barbara.
See why we are the leading hard money lender in Ventura.
