Closed Loans

San Diego, CA, August 9, 2010.  The Loan Company of San Diego provided a $120,000 loan (1st Trust Deed) allowing the borrower to purchase a bank owned (REO) single family residence non-owner occupied. The purchase price for the 2,343 sq.ft. 5BR/ 2BA (two car garage with swimming pool) was $180,000 or a 67% Loan to purchase price. The property is currently leased for $1,700/mo. with two years remaining on the lease.  Once lease expires borrower plans to remodel adding a 3rd Bathroom and sell the house as the exit strategy for a substantial profit.  The sales comps easily support a conservative sales market approach to value of $250,000 plus upon completion of remodel in the next few years.  The Loan Company provided the borrower an excellent 3 year loan at competitive private money rates in the high 8% range. 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 compete in the competitive bidding process for bank owned properties.