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, stabilize and resell an Affordable Housing Community consisting of 40 single-story, two-unit apartments dwellings. 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

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