Closed Loans

 

 

San Diego, CA, December 18, 2009.  The Loan Company of San Diego provided a $110,000 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 950 sq.ft. on a 5,000 sq ft lot in complete disrepair. The borrower did a complete remodel of the entire house as new for a total LTC ratio of approximately 82%. The comparable sales in the area more than adequately support the value created in the purchase and rebuild, resulting in a conservative LTV ratio. 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 or sold.  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.