Closed Loans

 

 

 

San Marcos, CA, April 21, 2011.  The Loan Company of San Diego provided a $220,000 loan commitment (1st Trust Deed) allowing the borrower to purchase a single family residence investment property used as an assisted living facility. The purchase price for the 1,922 sq.ft. 4BR/ 4BA was $315,000 as a short sale or 70% of the purchase price. The borrower will continue to operate the home as an assisted living facility which easily supports the debt service. The sale comps support the purchase price with most comps exceeding $350,000.  If the home were to become a typical single family rental, the net market rent could service 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, allowing the borrower the flexibility and speed to compete in the competitive bidding process for short sale properties.