Hard Money Loan Closed in Ridgecrest, California

A hard money loan closed on an Affordable Housing Community in Ridgecrest, CA 93555.

The loan provided Acquisition funds to a seasoned real estate investor to purchase, renovate and hold for investment an Affordable Housing Community consisting of 40 single-story, two-unit apartments buildings. Ridgecrest. Ridgecrest is a city in Kern County, California, United States, located in the southern portion of the Indian Wells Valley and in the northeast corner of Kern County. Ridgecrest evolved into a growing and dynamic city during the 1950’s and 1960’s as a support community to the Naval Air Weapons Station China Lake, providing housing and services for Federal employees and contractors. It was incorporated as a city in 1963. Source: Wikipedia® & City of Ridgecrest

Here are the loan details:

• Residential, 40 Multi-Family Duplex residences totaling 80 Units
• Purchase
• Purpose – Fix & Hold
• Loan-to-Value (As Is) – 60%
• First Trust Deed
• 60 Month Term
• Principal & Interest Payments
• Kern County, CALIFORNIA
• PRINCIPAL AMOUNT: $980,000.00

For more information on our Hard Money Loans or Trust Deed Investments, call our office at 714.838.1474 ext. 102 or visit our:www.hanovermc.com