Closed Loans

 

 

San Diego, CA, October 5, 2009.  The Loan Company of San Diego financed a $700,000 short term/bridge loan on a 2,374 sq.ft. 3BR/3BA penthouse residential condo located at 800 Mark Lane, San Diego, CA in the project known as The Mark.  The purchase price was $1,307,000 or 54% LTC. The unit has exceptional views of the San Diego Bay, Petco Park, Coronado and Point Loma.  A week before escrow was to close the borrower’s conventional lender notified the borrower they couldn’t make the loan in time to close on the acquisition.  The borrower had a considerable nonrefundable deposit at stake and was purchasing the property at what was considered an excellent price, so the borrower did not want to cancel escrow. The seller would not allow an extension, so the borrower immediately called The Loan Company and we were able to close the loan and accommodate what the borrower needed.  It was strictly a timing issue for the borrower and with a well defined exit strategy of a conventional permanent loan already in process, The Loan Company recognized the short term nature of the loan and moved fast providing exceptional customer service.