Direct private money lender Crescent Lenders closes a deal for a real estate investor valued at over $3.4 million dollars.
Crescent Lenders recently financed the purchase of a $3.4 million dollar property in Studio City. The borrower put down a little over $1 million dollars with Crescent Lenders funding just over $2 million dollars in a 1st Trust Deed position. The seller will carry a 2nd Trust deed position behind the new first for the amount of $360,000.
The private money loan was for the purchase of a single family investment property with over 2 thousand square feet of living space. It contains 4 bedrooms and 4 bathrooms with a lot size of 0.66 acres. The home was built in 1958.
The borrower is a real estate broker who owns an agency with over 200 agents, and has extensive experience with 4 other single family investment properties in his portfolio. He also has a high FICO score of over 750 and income of $1 million dollars annually, making him an ideal candidate for Crescent Lenders.
The home last sold for 3 million dollars in August 2016 and was acquired in the first quarter of 2020 at $3.4 million dollars. With a loan to value ratio of 61.2% and a fixed interest only rate of 8.5% and a term length of 60 months.
The buyer / borrower plans to refinance the property within 12 months, but were able to capitalize on the deal quickly by using one of the key advantages to hard money loans, which is quick access to capital and more flexible lender requirements than traditional funding avenues such as banks.
Crescent Lenders typically funds loans in 5 to 7 days at interest rates starting at around 7.99% and loan to value ratios up to 75%.
As for Crescent Lenders customer base, the customer set is very diverse and inclusive, making loans all across the real estate industry, from rehabs and refinancing to straight up purchases.
Crescent Lenders specializes in funding 1st Trust Deed investments for commercial real estate in California. These loans are primarily funded by private investors.
About Crescent Lenders
Crescent Lenders is a hard money lending business located in Los Angeles, California, funding real estate investments with bridge loans all over the Golden State.
Crescent Lenders provides financing to borrowers for all types of investment properties such as purchase, refinance, cash-out, fix and flip, rehab and 1031 Exchanges.
The information above is deemed reliable but is not guaranteed.