Closed Loans

San Diego, CA, July 8, 2010.  The Loan Company of San Diego provided a $150,000 (1st Trust Deed) cash out refinance bridge loan on a two unit residential duplex in San Diego.  The property was purchased by the borrower in 2009 all cash and remodeled for a total cost of approximately $210,000. The purpose of the subject loan was to allow the borrower to pull cash out to invest in another investment opportunity. The duplex is 100% leased generating $1,000/mo. rent for each unit easily servicing the debt resulting in an income approach to value of approximately $230,000 or 65% LTV ratio. The Loan Company provided the borrower an excellent loan quickly with no hassles at a competitive private money rate (8.95%) for 18 months allowing the borrower time to secure a conventional loan as the source of repayment.