The borrower recently acquired a beautiful single-family home located in the prestigious area of Studio City, California, for a total of $3.4 million.
Thanks to their astute financial planning and excellent credit, the buyer put down over $1 million, including closing costs.
Our client, a well-established real estate broker, provided valuable support throughout the process. With over 200 agents and an annual income of approximately seven figures, our client was able to guide the borrower through the acquisition process, offering advice on the best financing options available.
The borrower's impressive financial standing is further evidenced by owning four other single-family residences, each with strong equity in them. With such a strong portfolio of assets, the borrower was an attractive candidate for this purchase financing.
In addition to the first position loan, the financing included a second position private money loan for $360,000, carried by the seller. This arrangement further highlights the borrower's excellent financial management skills and ability to secure favorable terms.
Overall, the borrower's strong financial standing, combined with the guidance of our experienced real estate broker client, enabled them to secure the financing needed to acquire this coveted property in Studio City.
Crescent Lenders is proud to have played a role in making this dream a reality.
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