Closed Loans

San Diego, CA, December 21, 2009.  The Loan Company of San Diego financed a $290,000 purchase loan on a single family high-end residential home in Mission Hills, non-owner-occupied, investment property containing 5,434 rentable sq ft., 5BR/5Ba, 3 car garage on a 16,313 sq.ft. lot. It was a bank REO built in 2004 with construction defects resulting in code violations which sold for $325,000 at an extensive discount.  The home needs extensive rehab with an estimated budget of approximately $190,000 for a total cost of $515,000 or 56% LTC.  The initial loan disbursement was $240,000 with a $50,000 holdback until the rehab was completed. The borrower needed a lender that could move fast and close quick.  By acquiring the property at the right price, and having the experience and knowledge to make the proper improvements, the borrower created an excellent investment opportunity.  The Loan Company provided the borrower competitively priced private money financing (9% interest) with excellent customer service and was able to accommodate the closing quickly making it easy and hassle free.