Closed Loans

San Diego, CA, May 5, 2011.  The Loan Company of San Diego provided a $260,000 loan commitment (1st Trust Deed) to purchase a single family residential non-owner occupied investment property.  The 3BR/2BA house in the Clairemont area was purchased for $305,000 in a distressed sale situation and in need of renovation.  The borrower plans to invest about $35,000 in improvements and sell the property to pay off the loan.  The loan was also secured by a 2nd Trust Deed on a residential duplex with a combined LTV ratio of 55%. If the house did not sell there would be sufficient cash flow from both properties to service all the debt. The Loan Company provided the borrower an excellent short term loan with a competitive private money rate. The borrower was extremely pleased with The Loan Company’s ability to move fast allowing the borrower to utilize another property’s equity in lieu of additional cash down.