Covina Fix and Flip Loan

Amount
$345,000

Location
Los Angeles, California

Rate
9.3%

LTV
65.0%

Term
12 months

Type
Fix and Flip

Residential
Single-Family Home

Exit Strategy
Sell the property

The borrower acquired a 1,410-square-foot, 2-bedroom, 2-bathroom home on a 9,400-square-foot lot in Covina, California, for $525,000.

Due to multiple offers, the buyer had to go over the asking price.

Over the past two years, Crescent Lenders has provided the borrower with numerous private money loans to purchase six separate properties.

The subject property will be a light remodel and then resold for a profit.

The borrower put down 35% of the purchase price, and Crescent Lenders supplied the remainder of the funds to complete the transaction.