Closed Loans

 

 

San Diego, CA, August 9, 2010.  The Loan Company of San Diego provided a $70,000 loan commitment (1st Trust Deed) allowing the borrower to acquire a small 2BR/1BA single family residence non-owner occupied for $140,000 or 50% loan to purchase price.  The subject property was in need of rehab before it will be income producing, so the loan was also cross collateralized with a low leveraged, income producing, residential duplex resulting in an overall LTV ratio of 38% which will provide sufficient cash flow to service the debt until the subject is finished and rented. The Loan Company provided the borrower an excellent bridge loan with a competitive private money rate for 3 years allowing time for the borrower to finish the rehab and refinance the property. The borrower was extremely pleased with The Loan Company’s ability to move fast and hassle free, allowing the borrower the flexibility and speed to acquire the property in today’s competitive bidding process.