The borrower, who is a prolific fix and flip investor in the Los Angeles market, purchased the subject property for $1,250,000 in late 2017.
With over 25 years of experience in the home renovation business and a wide network of brokers and banks, the borrower invested around $350,000 in remodeling and upgrading the property.
Although the property was leased out, the tenant did not work out and the borrower has decided to list the property for sale with an asking price of approximately $1,500,000.
As the borrower's existing bridge loan was nearing its maturity date, Crescent Lenders was able to refinance the loan and provide additional financing to help the borrower hold over until the sale of the property is completed.
The borrower has a strong track record with Crescent Lenders and a solid credit profile.
Crescent Lenders is a top rated private money lending company providing loans around The Los Angeles area.
We have been providing loans to commercial, residential and industrial California real estate investors for over a decade.
If you have found a home to purchase in Pasadena, need to get cash out of a commercial property in Santa Clarita, or would like to refinance an expiring hard money loan in Long Beach, Crescent Lenders can solve all your California private money needs.
Come see why we are the best hard money lenders in California.
Suite #116, 999 Overland Ave
Los Angeles, California