Closed Loans

 

 

 

San Diego, CA, September 26, 2011.  The Loan Company of San Diego provided a $165,000 loan commitment (1st Trust Deed) allowing the borrower to refinance and pull cash out of a free and clear older 2BR/1BA, 900 sq.ft., non-owner occupied single family investment property located in the Clairemont Bay Park area.  The house is being totally remodeled including adding another bedroom and bath making it a 3BR/2BA or approximately 1,300 sq.ft.  The Loan Company’s initial disbursement was $140,000 with a $25,000 holdback to be funded once the remodel is complete.  A conservative estimate of value at completion is over $300,000 or 55% LTV ratio. The borrower’s exit strategy is to either rent the property and keep as a rental or sell the property upon completion of the remodel. 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.