San Diego, CA. February 2018.
A real estate professional in the title business who also was a real estate investor came across a great opportunity to purchase a single family residence investment property in North Park, which happened to be zoned multi-family up to 4 units increasing its value. The borrower needed financing for the purchase of the subject property as well as financing for the costs of improvements.
The borrower’s offer was accepted and The Loan Company was able to provide a 1st Trust Deed bridge loan of $475,000, which included a $150,000 holdback for remodeling costs. Plans are to remodel the existing structure into a duplex, each unit 1BR/1BA, then possibly resell or keep as a rental. The estimated as completed value is $750,000 or 63% loan-to-value ratio. The Loan Company provided the borrower an excellent bridge loan at a competitive private money rate and terms.