Closed Loans

San Diego, CA, July 20, 2010.  The Loan Company of San Diego provided a $240,000 (1st Trust Deed) bridge loan allowing the borrower to purchase a 1,887 sq.ft. 4BR/2.5 BA, two car garage single family residence (non-owner occupied) investment property at a purchase price of $400,000. The property has a spectacular view of the city of San Diego from the rear of the property. The borrower came in with $160,000 cash to close plus the borrower plans to remodel the home putting about $50,000 in capital improvements for a total cost of $450,000 or 53% LTC and sell the property in six months.  A comparative market analysis shows sale comps in the area support a value as high as $550,000 or 48% LTV ratio.  The borrower typically pays all cash for his investment properties; however the borrower had two properties he wanted to close on at the same time and needed to conservatively leverage one property to get both.  The borrower is an experienced real estate investor. The Loan Company provided the borrower an excellent loan quickly with no hassles at a competitive private money rate (8.90%) for 12 months allowing the borrower time to remodel and sell the property.