Here is a list of hard money lenders offering fix & flip loans for homes throughout San Diego County, including Chula Vista, Calsbad, Encinitas, Escondido, Del Mar, Oceanside, San Marcos, Imperial Beach and other areas. Our directory has lots of lenders that provide funds to buy, rehab and flip residential properties. Most will require a down payment and some experience with flipping houses in San Diego, and the maximum term is typically 12 months.
In April 2020, TaliMar Financial funded a $420,000 Fix and Flip loan for a Single Family Home in San Diego, CA. The Borrower, a full-time real estate investor, intends to complete a full interior and exterior renovation of the property before listing it for sale. The biggest hurdle on this transaction was that our Borrower was purchasing the property with a Notice of Pending Administrative Action, also known as a “red tag,” recorded on the property. The notice required the existing owner to either remove an unpermitted addition or submit plans to have it approved by the City. Because the current owner was not in a position to correct the issue and our client had substantial experience getting additions approved, he purchased the property with the enforcement action lien. Most Hard Money Lenders would not lend on a house with an existing enforcement action because of the additional risk that it may not be corrected. TaliMar Financial worked with the Borrower to understand the issue and was able to approve because of the Borrower’s prior experience with illegal additions. We funded most of the purchase and 100% of the rehab budget which will be disbursed as the project progresses over the next 6 to 12 months.
TaliMar Financial funded a $638,000 Fix and Flip loan secured by a single-family house in San Diego, CA. The Borrower plans to complete a cosmetic update of the property before listing it for sale. This was another successful example of our client using our Preferred Borrower Program to get their offer accepted utilizing our Proof of Funds letter and then closing within 5 business days. No appraisal was required. The renovations will include replacing the kitchen and bathrooms, installing new windows and flooring, and repainting the interior and exterior. The floorplan will be updated to open the kitchen area to the living room. The landscaping will be replaced to offer more curb appeal. The renovations will take 4 to 6 months. The loan was underwritten to 70% of completion value and included funds for the purchase and 100% of the renovation budget. The renovation funds will be disbursed to the borrower in 5 draws. This fix & flip loan was funded in March 2021.
Lightning Fast Fix & Flip Loan for San Diego Condo
In February 2021, TaliMar Financial funded a $148,000 Hard Money Fix & Flip Loan loan secured by a residential condominium unit in National City, CA. Our borrower will complete a cosmetic update of the property before listing it for sale. The Borrower first approached TaliMar Financial seeking a Proof of Funds letter for their offer. With our Proof of Funds letter and their ability to close within 5 business days, their offer was accepted. Because the Borrower was pre-approved through our Preferred Borrower Account, we were able to
complete fund the hard money loan in a short time period. Our hard money fix and flip loan was structured at 70% of completion value, and we funded 100% of the renovation costs. The renovation funds will be disbursed to the borrower in 5 pre-determined draws. Because TaliMar is a direct lender with years of experience in funding house flips, we were able to structure an aggressive loan for this project. Many hard money lenders and conventional lenders will not fund condominiums due to the perceived underwriting risk.
In November 2020, TaliMar Financial funded a $395,500 1st position hard money loan for a single family home fix & flip project in San Diego. The Borrower first approached TaliMar Financial to sign up for our Preferred Borrower Program which offers fix and flip real estate investors a Line of Credit, access to our Proof of Funds Letters, and expedited closings. With our POF Letter, they submitted their offer and had it accepted. We closed in less than 5 business days. The Borrower intends to complete a moderate renovation of the home before listing it for sale. The renovations will include modifying the floor plan, updating the kitchen and bathrooms, and replacing the flooring throughout. The biggest hurdle on this transaction was that the seller demanded a quick close. They were so adamant about the quick close, the listing agent contacted us and requested written confirmation we could close in less than 5 business days. After the close, the listing agent follow up and thanked us for such a smooth closing.
In October 2020, TaliMar Financial funded a $424,000 Hard Money Fix and Flip loan secured on a single-family home in El Cajon, CA. The Borrower will complete a full interior and exterior renovation of the property before listing it for sale. The Borrower first approached TaliMar Financial seeking information on our Hard Money Fix and Flip Loans. They had never completed a residential fix and flip project but we qualified them for our Preferred Borrower Loan Program as a first-time investor. This gave them access to a Letter of Credit, property-specific Proof of Funds letters, and our expedited 3 to 5-day closings. Soon after qualifying them for our Preferred Borrower Loan Program and opening them a TaliMar Borrower Account, our Borrower notified us that they identified a Fix and Flip investment opportunity and would need to close quickly. We approved them for a 70% completion value Fix and Flip Hard Money Loan that funded 80% of the purchase price and 100% of the renovation costs.
Fix and Flip Loan for Condo in North San Diego County
In October 2020, TaliMar Financial funded a $550,600 hard money Fix and Flip Loan secured by a Condominium in Encinitas, San Diego County, California. The Borrower intends to complete a cosmetic update of the Subject property before listing it for sale. The client reached out to TaliMar after they secured a purchase agreement on the property using our Proof of Funds Letter. Because they were a repeat client and part of our Preferred Investor Loan Program, we quickly underwrote and funded the transaction. Our loan funded 80% of the purchase and 100% of the renovations which equated to 70% of the completion value. The renovation funds will be held in an escrow account and disbursed to the Borrower over the course of the project. The loan was funded in less than 5 business days, and no appraisal was required.
Fix and Flip Loan for House in University City, San Diego
In July 2020, TaliMar Financial funded a $932,000 loan for a fix & flip project in the University City neighborhood of San Diego, CA. We worked closely with the borrower to issue a Proof of Funds letter for their offer, and once it was excepted, we expedited the closing in less than 5 business days. The transaction was so smooth, the listing agent contacted us after the close and thanked us for moving so quickly. The loan funded 80% of the purchase and 100% of the renovation costs which was 70% of the completion value. The renovation funds will be disbursed to the Borrower over the course of the renovations. Once the renovation are complete, the Borrower will list the property with an anticipated sale price of $1,330,000. We are excited to be involved in this house flip transaction and look forward to seeing the finished home.