Closed Loans

San Diego, CA, October 4, 2011.  The Loan Company of San Diego provided a $110,000 loan commitment (1st Trust Deed) allowing the borrower to purchase a single family residence non-owner occupied investment property (short sale). The purchase price for the 1,034 sq.ft. 3BR/1.5BA was $155,000 or 71% loan to cost. The borrower will be doing some remodeling then resell the property upon completion as the exit strategy.  The sale comps support a conservative sales market approach to value in the $190,000+ range upon completion of remodel or a 58% 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 bridge loan with a competitive private money rate. 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.