Funded
Not a broker
Rating on Google
The Deal
$2,100,000
Ventura, California
10.0%
75.0%
12 months
Bridge
Multi-Family Home
Refinance with a Bank
Crescent Lenders, a California hard money lending company, successfully funded a $2.1 million bridge loan for the purchase of a 12-unit multifamily rental property in Oxnard, California.
The purchase price was $2,805,000, which attracted strong interest from investors, receiving multiple offers.
The investors put down $705,000 and cross-collateralized two existing properties in the area to complete the purchase, bringing the combined loan-to-value to 75%.
The Ventura bridge loan from Crescent Lender’s enabled the borrowers to make an all-cash offer, helping them to stand out from the competition and secure the property.
The terms of the loan included a 10% interest-only rate, along with a duration of 12 months and a 3-month pre-payment penalty.
Currently, the 12 rental units generate $12,068 in monthly gross revenue; however, the existing rents remain well below market rates.
The borrower's business strategy is to offer the current tenants a “cash for keys” proposition, with the hope of vacating the property, which requires renovation.
Once empty, the building will undergo a light remodel, increasing rental prices by approximately 40% to 50%.
When new tenants are in place, paying fair market value rents, the latest estimated value will be approximately $3.2 million. At this point, the borrowers plan to exit the hard money loan by refinancing into a traditional bank loan.
The borrowers are experienced local real estate investors and own 8 other rental properties in the Oxnard area, where they successfully implemented a similar strategy. Their proven track record demonstrated the expertise to complete this project successfully.
Oxnard Hard Money Lenders
Whether you’re purchasing a property in Oxnard, funding a fix-and-flip in Simi Valley, or executing a 1031 exchange in Thousand Oaks, we offer fast, reliable funding with flexible terms.
Operating out of Los Angeles, California, we fund hard money and bridge loans up and down the Golden State, including the laid-back, vibrant, and scenic county of Ventura.
In the business of helping real estate investors get projects funded since 2011, we have funded over $150 million.
We fund time-sensitive deals when banks can’t deliver.
Oxnard Multifamily Bridge Loans
