San Diego, CA, April 16, 2011 --(PR.com
)-- Source Capital Funding, Inc., a San Diego-based private real estate lender, began 2011 by funding $2.71MM in loans during the first quarter of the year. The strong results follow record results during 2010, when the firm closed 53 loans and funded $11.54MM over the course of the year. With 13 loans closed in the first quarter, the company is on track for a record-breaking year in 2011 as prospective borrowers continue to find opportunities to purchase real estate at the lowest prices in years.
“We are busier than ever and more borrowers are realizing that we are a reliable and fair source for alternative financing secured by real estate,” said Sacha Ferrandi, partner, Source Capital Funding. “We are extremely proud of our portfolio of loans and are actively looking to add more viable projects in the near future.”
One of the loans closed during the first quarter was a $1.1MM loan on an investment property in Calabasas, Calif. Ferrandi believes that the success of the past quarter is the result of additional investors becoming aware of the opportunities on the market throughout Southern California.
“We expect to build off the momentum that was created in 2010 and now in the first quarter of 2011,” Ferrandi explained. “With a number of prospective buyers looking to purchase real estate at reduced prices, we anticipate another record-breaking year, with projections of funding $20MM to $25MM in loans by the end of the year.”
Source Capital Funding and its investors fund low-risk, first trust deeds with solid monthly returns. The private lender has a strong reputation in the community, as well as the knowledge and experience to guide prospective borrowers and investors through what can be a complicated and intimidating process.
The majority of the loans closed by the firm in the first quarter were in California’s San Diego, Los Angeles and Riverside, San Bernardino and Contra Costa counties. For more information, visit http://www.source-capital.com and on Facebook at http://facebook.com/sourcecapital.
About Source Capital Funding:
Source Capital specializes in the underwriting and funding of short term residential real estate loans with the use of private capital. The company’s unique approach to financing with private capital allows speed and flexibility that traditional banking environments cannot provide. Loans are secured by deeds of trust on real estate and are further secured by a promissory note and personal guarantee. All transactions are processed through nationally recognized title and escrow companies. Source Capital works closely with brokers, borrowers and investors to ensure a secure and timely transaction. Clients can count on Source Capital's strong commitment to the highest standards of business ethics, underwriting due diligence and post-funding management. For more information, visit http://www.source-capital.com.