Hard Money Loan for Manufactured Home in Escondido, California

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.