Equity Cash-Out Hard Money Loan for Residential Land in Los Angeles, California

TaliMar Financial, a hard money lender, funded a $130,000 1st lien position equity cash-out refinance loan secured by an R1 residential lot in Los Angeles, California, close to Universal Studios. The Borrower purchased the lot over 12 months prior and had been working with the City to obtain building plan approval for a single-family home. The Borrower requested the cash-out refinance after identifying another investment opportunity. The funds will be used to acquire the new investment opportunity. We quickly underwrote the loan request, offered aggressive financing, and closed in less than 10 business days. This equity cash-out hard money loan was funded in March 2019.