Closed Loans

San Diego, CA, December 15, 2009.  The Loan Company of San Diego financed a $100,000 loan for a small single family residential, non-owner-occupied, investment property containing 591 rentable sq ft., 2BR/1Ba on a 11,250 sq.ft. lot plus an adjacent vacant, identical 11,250 sq.ft. lot for a total of 22,500 sq.ft site area. The purchase price was $100,000 and the borrower planned to do a complete remodel and expansion of the house at an estimated cost of $80,000+ increasing the house to a 4BR/2BA with 1,375 sq.ft. and a two car garage.  The total cost of $180,000 or 56% LTC.  The loan Company initially funded 75% of the loan commitment and will fund the holdback upon project completion and lease up. The Loan Company was able to provide the borrower a loan commitment for 100% of the purchase price.  The borrower needed a lender that understood the value being created with the improvements and could close on a moment’s notice. The Loan Company provided the borrower competitively priced private money financing (9% interest) with excellent customer service making it easy and hassle free.