Closed Loans

 

 

San Diego, CA, December 29, 2010.  The Loan Company of San Diego provided a $1,150,000 loan commitment (1st Trust Deed) for the purchase of a 26 1BR/1BA multi-family apartment complex.  The purchase price was $1,450,000 or 79% Loan to purchase price with the borrower coming in with $300,000 cash down.  The property has extensive deferred maintenance and will be completely remodeled.  The borrower will complete the total remodel over the next six months creating an estimated stabilized value of approximately $2,000,000 or 58% LTV.  The Loan Company provided the borrower an excellent short term/bridge loan allowing the borrower time to remodel and then refinance with a conventional lender as the exit strategy. The borrower was extremely pleased with The Loan Company’s ability to move fast and hassle free.