Closed Loans

San Diego, CA, November 14, 2011.  The Loan Company of San Diego provided a $120,000 loan commitment secured by a 1st Trust Deed on a single family residence (3BR/2BA) non-owner occupied investment property.  Purchase price was $89,000 with the house being in need of extensive remodeling. The Loan Company’s initial loan disbursement was 75% of the purchase price or $67,000 with a $53,000 holdback for construction costs disbursed upon completion of the remodel and lease-up.  The estimated market value upon completion and stabilized occupancy is conservatively at $180,000 (66% LTV) with the cash flow servicing the debt.  The Loan Company provided the borrower an excellent term loan with a competitive private money rate. The borrower was extremely pleased with The Loan Company’s ability to move fast and hassle free.