Closed Loans

 

 

Vista, CA, September 23, 2009.  The Loan Company of San Diego funded a $105,000 purchase loan in 13 days.  It was a bank owned REO, non-owner occupied residential investment property consisting of approximately 1,200 rentable sq ft on a 3,150 sq ft lot.  The garage was converted to a bedroom expanding the original floor plan.  It has 3 bedrooms and 1 bath. The purchase price was $135,000 with the borrower put in approximately $8,000 in improvements for a total cost of $143,000 or 73% LTC and a conservative 60% LTV. The property is rented and adequately services the debt.  The borrower had to close fast and The Loan Company was able to accommodate the borrower with a competitively priced private money loan with no hassle.  The borrower was extremely pleased and looked forward to funding another deal.