Closed Loans

San Diego, CA, June 10, 2010.  The Loan Company of San Diego provided a $175,000 (2nd Trust Deed) refinance on an 8 unit apartment in Point Loma.  The purpose of the loan was to allow the borrower to pull cash out to pay off more expensive installment debt.  There was an existing 1st Trust Deed of $532,000 on the property at a competitive rate, so it did not make sense to the borrower to pay it off.  An appraisal was completed as of May 2010 showing a value of $1,920,000 for an overall combined 37% LTV ratio including both the 1st and 2nd Deed of Trust.  The Loan Company provided the borrower an excellent loan with a competitive private money rate (9.50%) for a 2nd Trust Deed. The borrower was extremely pleased with The Loan Company’s ability to move fast and assist in improving the borrowers overall global cash flow position and not requiring the less expensive 1st Trust Deed to be paid off.