Closed Loans

 

 

San Diego, CA, January 25, 2011.  The Loan Company of San Diego provided a $100,000 loan (1st Trust Deed) to purchase a vacant 7,000 sq.ft. residential lot adjacent to an existing residential income property already owned by the borrower.  The purchase price was $125,000. The plan is to develop the property into higher density residential income property in the future.  The loan is also cross collateralized with a 1st Trust Deed on a 3BR/1BA residential income property.  The rental income from the 3BR/1BA single family residence is sufficient to service the debt on the subject loan. The combined LTV ratio using both properties is a conservative 41%.  The Loan Company provided the borrower an excellent term loan with a competitive private money rate allowing the borrower to use an existing free and clear property as equity in lieu of cash to purchase an investment property. The borrower was extremely pleased with The Loan Company’s flexibility and speed in providing the purchase money loan.