Our borrower in Beaumont, California had recently acquired a home for $200,000 cash and was in need of $75,000 to do a complete remodel.
The borrower owns multiple investment properties and also has a good credit score.
The loan-to-value was strong coming in at under 50%.
The interest rate at 10% was adjusted from our current 9.0% average due to the location of the property.
Repayment will be made within 12 months but since the average fix-and-flip takes 6 months the payment could come much sooner.
Ultimately the 1st position private money loan was funded based on the strong equity position and the borrower’s strong credit.
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.
Private money loans can be an advantageous alternative form of financing for real estate investors, especially those in a competitive market like California.
Whether you need a private money loan to purchase a distressed property in Temecula that won’t qualify for a bank loan or found a great vacation rental property in Palm Springs, checkout our bridge loan rates in California.
Suite #116, 999 Overland Ave
Los Angeles, California
90064