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Crescent Lenders Funds Purchase of $2.2 Million Condo

By Jamie Richardson | May 25, 2020

Crescent Lenders recently funded the purchase of a residential luxury townhome in Pasadena that was acquired for 2.2 Million Dollars.

The term of the private money loan is for 60 months, but the buyer intends on refinancing the loan in 6 to 12 months time. The loan to value ratio was less than 40% and the interest rate is 8.5%. The buyer is also putting down 1.4 million for this purchase.

The subject property is just over 3,000 sq. feet in a new residential development called Pasadena Perfected. The borrower is a trader in the private equities market and earns an income of over $25,000 per month. This income combined with excellent FICO scores of between 770 and 817 makes the buyer an ideal client for Crescent Lenders.

Crescent Lenders has acquired a first trust deed position and the borrower has a strong profile.

About Pasadena City

Pasadena is located in the city of Los Angeles Country, California. With a population of just over 135,000 residents, occupying an area of 23 square miles and a median household of just under $70,000.

It is home to the world famous Rose Bowl Stadium, which hosts the Rose Bowl Parade annually on January 1st and is followed by the world famous college football game, The Rose Bowl. Pasadena is know for it's victorian and art deco buildings. 

What is a Hard Money Loan?

A hard money loan is a loan made against a hard asset, like a home or an income producing property. 

They can be more expensive than a regular loan or mortgage, but are often used as a "bridge loan", for example if the buyer needs more leverage for a short amount of time, they'd get a "bridge loan" to bridge the time between when they can get more efficient financing.

About Crescent Lenders

Crescent Lenders is an asset based hard money lender specializing in assisting borrowers with financing for investment properties. 

The CEO and Lead Underwriter Mario Padilla has been working in the hard money lending space for over 20 years and has a proven winning track record with his investors which has created a durable and successful business, this keeps his investors happy and eager to participate in future deals.

Crescent Lenders is located in Los Angeles County City and funds real estate investments all across The Golden State from San Diego to San Fransico. 

They fund private money deals with up to 75% loan to value ratios. Our interest rates start at 7.99% and they do a variety of different loan types, including: Purchase, Refinance, Cash-Out, Fix and Flip, Rehab, 1031 Exchange. 
If you are looking to fund real estate investments in the California Region than look no further than Crescent Lenders, Los Angeles's Best Hard Money Lender

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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