Funded
Not a broker
Rating on Google
The Deal
$1,820,000
Ventura, California
9.0%
70.0%
12 months
Purchase Financing
Multi-Family Apartment Complex
Refinance with an Institutional Lender
Crescent Lenders recently funded a $1.7 million dollar hard money loan in Ventura County for the purchase of a 20-unit residential apartment complex.
We met the buyer at the property and were very satisfied with the location and condition of the complex.
The borrower is originally from Oxnard, so they know the area extremely well and have been successful with prior multi-family property investments.
The collateral apartment building currently generates $17,000 per month.
The borrower was confident they could increase rents over the next few months for a total monthly income of $21,000.
The current management company has not been increasing rents on an annual basis.
The comparable sales in the area support the purchase price of $2.6 million.
Additionally, the borrower owns two other triplex properties in Oxnard, which will be sold through a reverse 1031 exchange to benefit from deferred taxes (reverse exchanges allow for purchasing a new replacement property before selling an existing investment).
The borrower has excellent credit and will refinance with an institutional lender once improvements and rental increases are completed.
The buyer put down $780,000 and will make improvements of another $250,000.
We funded this bridge loan due to its robust equity position, excellent borrower credit, and the property's outstanding asset quality.
Ventura Hard Money Lenders
Whether you need a bridge loan to purchase a residential property in Oxnard, financing to renovate a fixer-upper in Simi Valley, or support for your investment project in Thousand Oaks, we have the solutions to get your deal done.
We have been providing Ventura hard money loans to borrowers since 2011 and have funded over $150 million in loans across the rest of California.
Recent Deals
