Crescent Lenders Funds

About The Deal

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.