Closed Loans

 

Chula Vista, CA, August 6, 2010.  The Loan Company of San Diego provided a $570,000 (1st Trust Deed) loan allowing the borrower to purchase a (bank owned REO) 6,746 sq.ft. 6BR/6 BA, three car garage single family residence on a 37,476 sq.ft. private gated lot (non-owner occupied) investment property at a purchase price of $950,000. The property is in an exclusive high end, luxury, residential community in San Diego County.  The building cost to the original owner in 2004 for improvements only was over $1,500,000.  An appraisal was completed 7/17/10 with an “as is” value of $990,000 before additional improvements (swimming pool etc. ) the subject borrower plans to add once the subject loan closes. The borrower is coming in with $470,000 cash down and putting over $150,000 cash in additional landscaping and interior improvements to the property for a total cost of $1,100,000 or 52% LTC.  The Loan Company will initially disburse $470,000 or 50% of the purchase price and hold back $100,000 until all landscaping and additional improvements are completed for a full loan commitment of $570,000 or 58% LTV based on the “as is” value before completion of the landscaping and pool. The Loan Company provided the borrower an excellent loan quickly with no hassles at a competitive private money term loan allowing the borrower to purchase, remodel and ultimately sell the property.