The borrower required a cash-out loan of $500,000 for working capital and minor improvements to the property in question.
The owner had been engaged in negotiations for several months to sell the property to UPS for a sum exceeding $12 million.
Once the sale is finalized, the owner will need to relocate, and a portion of the funds from the loan was allocated to assist with the associated relocation expenses.
The collateral for this loan was a 66,494 sq. ft. facility situated on 3.7 acres in Cerritos, California.
Considering the considerable protective equity of over $4.0 million, this new loan was well secured.
The borrower boasts a favorable credit history, and it is anticipated that the loan will be repaid within 12 months from the proceeds of the property sale.
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.
Bridge loans can be a great alternative source of financing for borrowers who do not qualify for conventional bank loans.
Even if numerous banks have said no to your project, as hard money lenders we use a much different lending criteria to determine if we fund a deal or not.
We can fund your bridge loan in California in rapid fashion.
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