Closed Loans

 

 

 

San Diego, CA, June 23, 2011.  The Loan Company of San Diego provided a $220,000 loan secured by a 1st Trust Deed to allow the borrower to purchase a 4BR/3BA 1,928 sq.ft. single family residence non-owner occupied investment property being purchased for $250,000 (bank owned).  The loan is also secured by 1st Trust Deed on a 3BR/2BA residential condo worth $150,000.  The borrower needed a bridge loan to close the deal fast and The Loan Company allowed the borrower to use his equity in his other investment property to limit the cash invested in the deal.  The rental income of the properties easily services the debt.  The borrower plans to refinance with a conventional loan once the rental is seasoned.  The conservative market values of both properties results in a 55% overall LTV ratio.  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 close hassle free.