Closed Loans

 

 

 

San Diego, CA, October 26, 2011.  The Loan Company of San Diego provided a $132,000 loan commitment (1st Trust Deed) allowing the borrower to purchase a single family residence non-owner occupied investment property on an oversized 35,719 sq.ft. lot. The purchase price for the 1,3,96 sq.ft. 5BR/ 2BA was $149,500 (short sale). The borrower will be doing some extensive remodeling, then resell the property upon completion as the exit strategy. The Loan Company provided $112,000 initial disbursement with a $20,000 holdback for a portion of the improvements to be disbursed upon completion of the remodel.  The sales comps support a conservative sales market approach to value of $200,000 upon completion of remodel or a 66% LTV ratio.  If the home were to become a rental the market rent after expenses is sufficient to service the debt.  The Loan Company provided the borrower an excellent short term loan with a competitive private money rate. The borrower was extremely pleased with The Loan Company’s ability to move fast on short notice.