Closed Loans

San Diego, CA, December 16, 2009.  The Loan Company of San Diego financed a $164,000 loan for a residential duplex, non-owner-occupied, investment property containing 1,607 total rentable sq ft., each unit is a 3BR/2Ba, on a large 21,780 sq.ft. lot.  It was a bank REO where the borrower had to close on short notice.  The purchase price was $198,850.  The home was in need of rehab with an estimated budget of $15,000+ for a total cost of $214,000 or 76% LTC.  The borrower needed a lender that understood the real value of the property considering the improvements to be done. The Loan Company provided the borrower competitively priced private money financing (9% interest) with excellent customer service moving fast for a quick closing, making it easy and hassle free.