Closed Loans

Vista, CA, September 26, 2011.  The Loan Company of San Diego provided a $190,000 loan commitment (1st Trust Deed) allowing the borrower to refinance an existing 3BR/2.5BA, 1,616 sq.ft., non-owner occupied single family investment property.  The borrower originally purchased the property as a distressed sale for $233,000 in 2010 and remodeled the house putting in over $30,000 in improvements.  The house is currently rented and can adequately services the debt.  Sale comps easily support a value over $290,000 or 65% LTV.  The borrower’s exit strategy is to keep it as a rental and ultimately sell the property to pay off the loan. The Loan Company provided the borrower an excellent term loan at a competitive private money rate. The borrower was extremely pleased with The Loan Company’s ability to move fast and hassle free.