Closed Loans

San Diego, CA, October, 4, 2011.  The Loan Company of San Diego provided a $225,000 loan commitment (1st Trust Deed) for the borrower to purchase a single family residence non-owner occupied investment property in the North Park area. The purchase price was $355,000. The borrower will be doing an extensive remodel then selling the property upon completion as the exit strategy. The Loan Company provided an initial disbursement of $177,500 or 50% of the purchase price with a $47,500 holdback to be disbursed upon the completion of the remodel.  The sale comps easily support a market value over $400,000 or a 56% LTV upon completion of the remodel.  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 today’s competitive bidding process.