Closed Loans

 

 

 

 

 

San Diego, CA, October 29, 2010.  The Loan Company of San Diego provided a $190,000 loan commitment (1st Trust Deed) allowing the borrower to purchase a bank owned (REO) three unit apartment. The purchase price for the 3 units (2 – 2BR and 1-1BR units with three single car garages) was $190,000. The property needed remodeling with the borrower to spend approximately $40,000 in additional costs.  Until the property was remodeled and rented at market rent,  The Loan Company cross collateralized the loan with another investment property that had real equity resulting in an overall 54% LTV ratio.  This allowed the borrower to finance 100% of the purchase price.  The Loan Company provided the borrower an excellent 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 to cross collateralize in lieu of contributing cash equity at closing.