Closed Loans

 

 

San Diego, CA, February 18, 2010.  The Loan Company of San Diego financed a $155,000 purchase loan on a single family residential, non-owner-occupied, investment property containing approximately 3,200 rentable sq ft., 5BR/2Ba, on a 4,500 sq.ft. lot.  It was a bank REO. The original floor plan was a 3BR/2BA with approximately 1,984 sq.ft. built in the 10940’s, however, over the years it was remodeled and added onto increasing the rentable sq.ft. to approximately 3,200 sq.ft.  During the past remodels the former owners added another kitchen and two more bedrooms for a total of 5 BR/2BA.  The SFR could easily be rented as two units each with a separate entrance (however, it is not permitted for two units) and was underwritten for loan purposes as one unit.  The borrower was able to purchase the property at an excellent price (as one unit) and The Loan Company provided a bridge loan for 75% of the purchase price.  The property will be rented with sufficient cash flow to service the debt. The borrower needed a lender that could move fast and close quick.  By acquiring the property at the right price and knowing the proper improvements to be made, 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.