Equity Cash Out05/14/2019
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.