Closed Loans

 

 

 

San Diego, CA, June 9, 2011.  The Loan Company of San Diego provided a $450,000 loan secured by a 1st Trust Deed to purchase a 9 unit apartment (6 – 1BR/1BA and 3 - 2BR/1BA unit mix).  The purchase price was $575,000 and a Bank REO. The units were in need of remodeling with an estimated improvement budget of $70,000.  The initial loan disbursement was $380,000 with a $70,000 holdback disbursed upon completion of improvements and lease-up.  The estimated market value upon completion is conservatively at $660,000 or 68% LTV with the cash flow easily servicing 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 provide some cash back to the borrower.