Closed Loans

 

 

San Diego, CA,  The Loan Company of San Diego financed a $250,000, 3-year loan allowing the borrower to refinance an existing short term loan that was maturing.  The property was a 4 unit, 2BR/1BA apartment (Bank owned REO) the borrower purchased in December 2008 and did extensive rehab. 68% LTC. The property is completed and fully leased. The comparable sales in the area adequately support the value created in the purchase and rehab.  The Loan Company provided the borrower an excellent bridge loan with a competitive private money rate (9.00%) that allows the borrower time to purchase the adjacent identical 4-plex and then refinance both properties with a conventional loan.  The borrower was extremely pleased with The Loan Company’s ability to move fast, making it a smooth and hassle free process.