San Diego Hard Money Lenders for Real Estate Investors
Here is a list of hard money lenders for residential and commercial real estate in San Diego County - Del Mar, Carlsbad, National City, Vista, Oceanside, Solana Beach, Encinitas, Coronado and other areas. Hard money loans are a great short-term solution for San Diego property investors who either don’t qualify for a traditional mortgage or just need to close a deal fast. Most hard money loans are 12 months, but some lenders offer a longer term.
In March 2021, TaliMar Financial funded a $600,000 hard money loan for the purchase and rehab of a single family home in San Diego, CA. The Borrower contacted us seeking a short term loan with the intent to hold the property as a long term rental for student housing. The renovation project included updating the interior and exterior of the home and converting the garage to additional bedrooms. The Borrower put down 20% cash at closing. TaliMar funded 80% of the purchase price and 100% of the renovation costs. The renovations funds will be disbursed to the Borrower over five pre-determined draws. Once the renovations are complete and the property is stabilized, the Borrower will refinance with a conventional mortgage.
Vacation Rental Hard Money Bridge Loan in Carlsbad, CA
In October 2020, TaliMar Financial funded an $865,000 1st TD Cash-Out Refinance Hard Money Bridge Loan secured on a single-family home in Carlsbad, CA. The loan term was 36 months with no minimum payments required. The Borrower approached TaliMar Financial seeking hard money cash-out refinance on their vacation rental. The property has been used as a short term vacation rental for over 12 months and had strong cash flow. The borrower was an experienced vacation operator and was looking to increase their number of units under management. The biggest hurdle in this transaction was that the property had an existing 1st and 2nd TD that was a line of credit and which they wanted to keep. We contacted the 2nd TD lien holder and was able to get our bridge loan approved. Once approved, we closed within 5 business days. Funding cash out vacation rental loans can be challenging without 6 to 12 months of historical cash flows and strong borrower credit/cash flow. However, because TaliMar Financial is a hard money vacation rental lender,
we are more focused on the Loan to Value (LTV) ratio than borrower credit and property cash flow. In this instance, the Borrower had strong credit/cash flow and was able to demonstrate historical property cash flow, and therefore pricing and loan structure was more aggressive.
Hard Money Loan for Manufactured Home in San Diego County
In May 2019, TaliMar Financial funded a $200K hard money loan secured by a 1,200 square foot, partially completed manufactured home in Escondido, San Diego County, CA. 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 on 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.
Hard Money Loan for San Diego Beachfront Property Rehab Project
$2.45MM hard money loan for the acquisition and rehab of two beachfront properties in Imperial Beach, San Diego County. The Borrower is an experienced developer with a track record of adding value to properties. The properties are a triplex and an adjacent single family residence. Each of the triplex’s three units consist of 2 bedrooms and 2 baths, with 860 square feet each. The house has 2 bedrooms and 2 baths, with a 2 car garage. Both properties have panoramic ocean views. The combined appraised value of both properties is $4,100,000 so loan-to-value is 60%. The Borrower plans to rehab and either rent or sell the properties to pay off this 1st trust deed bridge loan within 1 year. This hard money loan was funded in June 2015.
Hard Money Refinance Loan for San Diego High-Rise Condo
In December 2014, Wilshire Finance Partners funded a $515K hard money loan secured by a tenant-occupied high-rise condo in San Diego. The Borrower is an experienced real estate investor with a $70MM portfolio. They needed to refinance to pay off a seller carry back loan on short notice. Wilshire was able to fund in just 7 days. The estimated value was almost $800K so the loan-to-value was 65% LTV. The Borrower plans to sell or refinance within 3 years to pay off this loan.