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Crescent Lenders Funds

$2M Condo Private Money Cash-Out Loan

Beverly Hills, Los Angeles

About The Deal

Our borrower sought to consolidate two private money loans worth $1.2 million dollars and obtain a new cash-out loan of $800,000, leading to a new 2nd position hard money loan of $2 million dollars with a six-month prepaid interest period.

The collateral for the private money loan comprised three recently constructed residential condos located in the Beverly Hills area, with a collective worth of over $5.1 million dollars ($825 per sq. ft.).

The borrower, a seasoned developer, planned to utilize the cash-out funds to finish building a new laundromat project in Los Angeles.

One of our investors in this loan expressed interest in purchasing the property from the current owner and reached an agreement with the borrower.

If, for any reason, the borrower could not repay the loan when it matures in 18 months, or if the loan becomes delinquent for any reason, this would trigger an automatic sale to the co-lender/investor for $5.3 million dollars ($850 per sq. ft.).

The co-lender/investor would then become the new borrower for a period of six months, giving them sufficient time to refinance the loan into permanent financing, thereby paying off the 2nd position hard money loan.

The borrower had an existing mortgage loan with Wells Fargo with a balance of $2.23 million dollars at an interest rate of less than 4.0%.

The total combined loan-to-value ratio was 83% based on an estimated valuation of $5.15 million.

Our borrower had excellent credit and has received more than 15 loans from Crescent Lenders over the past five years.

Newly Build Residential Condos in Beverly Hills, Los Angeles
Amount
$2,000,000
Location
Beverly Hills, Los Angeles
Rate
11.8%
LTV
83.0%
Term
18 months
Type
Cash-Out
Residential
Condominium
Exit Strategy
Refinance

Looking for a Cash-Out Loan Near Beverly Hills?

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.

Whether you need a trust loan for an inherited property in Beverly Hills or you have a hard money loan coming due in Long Beach and need refinance, we would be happy to discuss lending options.

We are your California private lenders with a track record of success.

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We Can Deliver Rapid Financing
Between $200k and $5 million dollars
Nationwide private lender (not a broker, avoid the extra fees)
Funding loans such as purchase, refinance, rehab, probate, 1031 exchanges, cash-out
All types of investment properties considered, residential, commercial and industrial
Crescent Lenders

Suite #116, 999 Overland Ave

Los Angeles, California

90064


Disclaimer: Crescent Lenders, DBA CrescentLenders.com ("CL") is a California licensed broker under California Bureau of Real Estate License No. #01792267. Regardless of this license, CL considers itself a “finder” for purposes of applicable laws and regulations (California Business & Professions Code § 10130, et. seq.).