Equity Cash Out05/14/2019
TaliMar Financial funded a $200K private/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 TaliMar Financial 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 Financial was up to the task and found a solution. This loan was funded in May 2019.