LOS ANGELES — Crescent Lenders, a Los Angeles based California hard money lender, announced the successful funding of a $2.1 million bridge loan that facilitated the purchase of a 12-unit multifamily rental property in Oxnard, California.

The borrower acquired the property for a purchase price of $2.805 million. To secure the transaction, they contributed $705,000 in cash and cross-collateralized two additional properties, enabling them to reach a combined 75% loan-to-value. 

The Oxnard investment property attracted multiple competitive offers from other buyers. However, it was Crescent Lenders’ flexible bridge financing that enabled the borrower to present a strong all-cash offer, ultimately outbidding other investors and closing on the property.

 

Loan Terms and Strategy

The $2.1 million bridge loan has an interest rate of 10% and features a 12-month term, accompanied by a three-month prepayment penalty. 

The repositioning plan involves a “cash for keys” strategy to vacate tenants, creating the opportunity to renovate the units.

Renovations are expected to take approximately 6 to 12 months to complete, with improvements designed to modernize the interiors, enhance curb appeal, and make the building more competitive in the Oxnard rental market. 

Prior to the purchase, the multifamily property generated $12,068 in monthly rental income, though the rents remain well below market levels for comparable properties in the Oxnard area. Following renovations, the units can be repositioned and re-marketed at significantly higher rates, with projected rent growth of 40% to 50%. 

This projected rent growth is expected to raise the property’s valuation to approximately $3.2 million, providing substantial upside for the investor and supporting their plan to repay the bridge loan through refinancing into a traditional bank loan.

 

Proven Track Record

The borrowers are seasoned Ventura County real estate investors with a portfolio of eight additional rental properties in the Oxnard area. 

Over the past several years, they have successfully executed the same “cash for keys” repositioning strategy, delivering strong returns and improving neighborhood housing stock.

Their local expertise, proven ability to reposition multifamily assets with the “cash for keys” strategy, and strong history of performance were all decisive factors in Crescent Lenders’ confidence to fund the project.

 

About Crescent Lenders

Crescent Lenders is a direct hard money lending company based out of Los Angeles, California, specializingin residential and commercial bridge loans across the state. 

Operating since 2011, Crescent Lenders has funded over $150 million in real estate financing to investors, home and business owners, earning a reputation as a trusted partner for private money deals.

The private lending company focuses on 1st and 2nd trust deeds, fix-n-flips, bridge loans, cash-out refinance loans, business loans and other creative loan structures for borrowers unable to obtain traditional bank financing for their investment projects. 

Crescent Lenders works directly with borrowers, investors, home owners and brokers to provide solutions for time-sensitive real estate projects.

Through speed and flexibility, Crescent Lenders finances residential fix-and-flips, multifamily purchases, or commercial distressed to California real estate investors in as little as 5 to 7 days.

By funding this $2.1 million Oxnard multifamily acquisition, Crescent Lenders once again proved its role as a reliable funding partner for investors in Ventura and across the Golden state.

More information: www.crescentlenders.com

Russell Barneson
Crescent Lenders
213-474-7980
info@crescentlenders.com