San Diego, CA
Single Family Residence
Residential Fix and Flip06/01/2015
Lantzman Lending completed a $375,000 hard money loan for a residential property rehab project located in the Clairemont neighborhood of San Diego, CA. The Borrower is an experienced real estate investor who needed a hard money loan to acquire and rehab the property. We funded this loan back in June 2015 and it was recently paid off. The purchase price was $385,000 and rehab costs were approximately $80,000. Our $375,000 1st trust deed loan included 100% of the rehab costs. The Borrower put $80,000 cash into the deal. The subject property is a 3-bedroom 2-bath single family home, with an approximate size of 1,223 square feet on a 6,100 square foot lot. The Borrower remodeled the home, put it on the market, and sold it last month for $585,000. The entire hard money loan cycle was 9 months and the LTV (loan-to-value) was 64% based on the after-repair value.