Hard Money Lending for Investment Real Estate
Hard Money Loans Funded in the United States
TaliMar Financial, a hard money lender, funded a $200,000 1st lien position equity cash-out loan secured by a manufactured home in Escondido, San Diego County, California. The Borrower needed to cash out equity on this property to finish the renovation and purchase another investment property. The Borrower was introduced to us by another real estate investor. The biggest hurdle in the transaction was the partially completed home had not received a certificate of occupancy. The valuation considered land that included the manufactured home, less the cost to complete. Funds were held back for future construction costs. Though the underwriting was more difficult than our traditional hard money loans, TaliMar was up to the task and found a solution for the property owner. The subject property was partially completed and is approximately 1,200 square feet. This hard money loan was funded in May 2019.
Hard Money Loan for Double-Close SFR Transaction in Los Angeles, California
$430,000
ARCH Loans, a private lender, funded a $430,000 1st lien position bridge loan for the purchase of a single-family home in the Atwater Village neighborhood of Los Angeles, California. A real estate investor approached us with a fantastic deal that required transactional funding for a double-close wholesale transaction. It was an opportunity that needed action taken immediately before the deal was lost. This was a no-brainer for us because the investor already had an end-buyer lined up, and it was easy to see the value in the property. In just two days, we provided 100% financing on the purchase of $430,000. Our unique transactional funding product has an added bonus – if the Borrower pays off our loan within 30 days, we will refund the 1 point (origination fee) and a portion of the loan processing fees. The cherry on top for our new Borrower client was the speed of the loan and the refund on top of that. This hard money loan was funded in May 2019.