Closed Loans

 

 

 

San Diego, CA, February 25, 2011.  The Loan Company of San Diego provided a $205,000 loan secured by a 1st Trust Deed to purchase four residential rental units consisting of two detached 2BR/1BR houses and one duplex (2-1BR/1BA units) on one 14,000 sq.ft. parcel.  There is a fifth detached unit, not permitted or included in the feasibility analysis, but will be used as a rental. The purchase price was $255,000. The houses were in need of remodeling with an estimated improvement budget of $10,000.  The initial disbursement was $190,000 with a $10,000 holdback disbursed upon completion and lease-up.  The estimated market value upon completion and stabilized occupancy is $320,000 (64% LTV) with the cash flow easily servicing the debt.  The Loan Company provided the borrower an excellent term loan with a competitive private money rate. The borrower was extremely pleased with The Loan Company’s ability to move fast and hassle free.