Closed Loans

 

 

 

Chula Vista, CA, June 24, 2011.  The Loan Company of San Diego provided a $325,000 loan secured by a 1st Trust Deed to purchase a four unit apartment building consisting of four 2BR/1BR units averaging 1,118 sq.ft./unit.  It was a short sale with the purchase price of $375,000 and in need of some remodeling. The initial disbursement was $300,000 with a $25,000 holdback disbursed upon completion of the remodel and lease-up.  The estimated market value upon completion and stabilized occupancy is $470,000 (69% LTV) with the cash flow easily servicing the debt.  The Loan was also cross collateralized with a 2nd DOT on 3 residential rental units to further enhance the security and reducing the overall LTV.  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.