Crescent Lenders financed an assisted care facility for a real estate investment company valued at $1.25 million in Culver City, Los Angeles.
The borrower (Kalnel Living LLC) provided a down payment of $600,000 on the purchase price while Crescent Lenders financed the remaining capital with a $650,000 first trust deed position loan. The loan was for the purchase of a single family 3 bedroom, 2 bathroom, 1440 square foot home which will be converted into a boutique assisted living facility.
The 18 month private money loan carries a 7.99% interest-only rate and comes with a 6 month pre-payment penalty. With a low loan to value ratio of only 52%, this creates a strong equity position for a 1st trust deed investment.
Based on the attractive equity, the borrower’s excellent track record of working with CEO Mario Padilla; Crescent Lenders has strong confidence in the investment.
Kalnel Living LLC is run by experienced and successful real estate investors in healthcare related real estate sector. They have successfully operated and owned owned drug rehabilitation facilities and are now building high-end assisted living facilities (boutique style with Le Corden Bleu chef on staff.)
The exit strategy from the private money loan is to eventually sell the rehabbed assisted living facility.
Crescent Lenders is an asset based private lending company located in Los Angeles, California.