Closed Loans

 

 

 

San Diego, CA, October 27, 2009.  The Loan Company of San Diego provided a $105,000 loan allowing the borrower to refinance and recoup a portion of the cash invested in the property. The borrower purchased the 3BR/2BA non owner-occupied SFR (Bank owned REO) all cash.  The house had approximately 980 sq.ft. on a 8,880 sq ft lot in complete disrepair. The borrower did an almost complete tear down of the house and rebuilt as new for a total LTC ratio of approximately 76%. The comparable sales in the area more than adequately support the value created in the purchase and rebuild, resulting in a conservative 66% LTV ratio. The property is leased and adequately services the debt. The Loan Company provided the borrower an excellent bridge loan with a competitive private money rate (9.00%). This allowed the borrower to recoup some liquidity and once the property is seasoned it can be refinanced with conventional financing.  The borrower was extremely pleased with The Loan Company’s ability to move fast, providing cash out and making it a smooth and hassle free process.