The borrower needed a bridge loan to pay off a $4.0 million balance with their existing hard money lender.
They made a payment of $1.0 million to bring the loan balance down to $3.0 million.
The subject property was a 3 bedroom, 3 bathroom 2,252 sq. ft. single-family residence with ocean views and only steps to the beach in Carmel-by-the-Sea, Monterey.
Extensive improvements were made and the property was in escrow to be sold at a nice profit but there were several delays with PG&E connecting utilities from the street to the property.
The existing lender would not renew the private money loan which came due at the end of February, 2021.
The borrower is a CPA with strong financial capacity, excellent credit and is a well known repeat client of Crescent Lenders.
With the borrower putting down $1.0 million to reduce the existing principal loan balance from $4.0 million to $3.0 million the loan-to-value was a strong 33% based on the pending sales price.
Crescent Lenders is a top rated private money lending company providing loans around The Monterey area.
We have been providing loans to commercial, residential and industrial California real estate investors for over a decade.
If you've found a great investment property in Pebble Beach that needs some fixing up, or if you're looking for a rental property in Monterey and are unsure where to turn for private money lending, we at Crescent Lenders can help.
We are the premier private money lenders in California with a track record of success.
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Los Angeles, California