Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
07/11/2020
Property Type
Property City
San Diego
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Loan-to-After-Repair Value
70%
Property Neighborhood
University City
Exit Strategy
Sale
Deal Summary
TaliMar Financial, a hard money lender, funded a $932,000 1st lien position 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 accepted, 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 is 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. This SFR fix and flip loan was funded in July 2020.