The borrower acquired a single-family residence in Santa Maria for $380,000 in February 2020.
The property was purchased in cash with the intent of a buy-and-hold investment.
The borrower sought a hard money loan to cash out $220,000 to replenish cash reserves.
The borrower has excellent credit and owns four other properties with very little debt (there is lots of equity in these other properties).
There is a strong equity position here with a loan-to-value of about 55%.
Crescent Lenders decided to fund this hard money loan based on its good equity position and strong borrower credit.
Whether you are looking for financing to renovate a property in Montecito or seeking to access the built-up equity in your Carpinteria beachfront condo, Crescent Lenders is here to assist you with all your hard money loan needs along the scenic Santa Barbara coast.
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