San Diego, CA. September 2018. An existing client of The Loan Company was negotiating the purchase of two single-family detached investment properties. The borrower needed to close within one week, so the timing was critical to getting the deal done.
The purchase price was $835,000 for both houses on two separate lots. The Loan Company moved fast and provided a $625,000 loan or 75% of the purchase price and met the deadline. The borrower will remodel the two houses adding considerable value to the property.
The exit strategy is to sell or refinance the property upon completion of the remodel. The Loan Company provided the borrower with an excellent short-term bridge loan at a competitive private money rate and terms.