Closed Loans

 

 

 

San Diego, CA, June 23, 2011.  The Loan Company of San Diego provided a $200,000 loan commitment secured by a 1st Trust Deed on a single family residence (2BR/1BA) non-owner occupied and on a detached duplex (2 – 1BR/1BA units) all on one lot.  It was a probate sale with the purchase price of $172,000 and in need of extensive remodeling. The borrower closed with all cash on the purchase and The Loan Company came in directly behind the purchase to do a refinance giving the borrower a portion of his cash back.  The Loan Company’s initial loan disbursement was $130,000 with a $70,000 holdback disbursed upon completion of the remodel and lease-up.  The estimated market value upon completion and stabilized occupancy is $300,000 (67% LTV) with the cash flow servicing the debt.  The Loan Company provided the borrower an excellent bridge loan with a competitive private money rate. The borrower was extremely pleased with The Loan Company’s ability to move fast and hassle free.