Closed Loans

 

 

 

San Diego, CA, September 15, 2011.  The Loan Company of San Diego provided a $240,000 loan secured by a 1st Trust Deed to purchase a six unit apartment comprised of six studio units. The purchase price was $325,000. The property has an on-site parking ratio of almost 2:1.  The project was 100% occupied with the purchase price supporting the “as is” income approach to value or 74% LTV.  The borrower plans on converting the studios into 1 Bedroom units subsequent to the purchase which would allow for rent increases of 25-30%, thus increasing the overall value of the property. However, the loan was underwritten on the “as is” condition of the property. 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 hassle free.