The borrower was seeking a private money loan for the purchase of multi-family apartment complex in Montebello, California.
Located in a strong rental market, the subject property has a total of 17 units which are made up of thirteen 2-bedroom, 1-bathroom units, three 1-bedroom, 1-bathroom units and one 3-bedroom 2-bathroom unit.
The 12,414 sq. ft. building sits on a 40,700 sq. ft. lot with on-site parking for the tenants and a total monthly rent roll of $22,416 per month.
The subject property is in fair condition but could use a light remodel.
The borrower is an experienced real estate investor for whom Crescent Lenders has arranged numerous Southern California hard money loans over the past 5 years.
The borrower has a very good track record with us and has also demonstrated a keen ability to acquire properties they later resell for a profit.
The buyer is putting down 15% which equates to $570,000 in cash.
Crescent Lenders provided the borrower with a 1st position hard money loan for $2.5 million as well as a 2nd position hard money loan for $380,000 and a 3rd position hard money loan for $350,000.
The 3rd position loan will be due in 4 months once the borrower sells another property.
Both the 2nd and 3rd position hard money loans will have 4 months of prepaid interest.
After completing a light remodel and increasing rents, the borrower will transition out of the bridge loan and into a traditional bank loan with a lower interest rate.
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 an estate loan for your inherited property in Santa Monica or are looking need a bridge loan for a rental property in Manhattan Beach, you’ll find some of the best rates, fees and service with us.
Checkout our bridge loan rates California page to see how we can work together.
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