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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
10/03/2020
Property Type
Property City
Encinitas
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget Funded
100%
Loan-to-After-Repair Value
70%
Deal Summary
In October 2020, TaliMar Financial funded a $550,600 hard money fix and flip loan secured by a condominium in Encinitas, San Diego County, California. The Borrower intends to complete a cosmetic update of the subject property before listing it for sale. The Client reached out to TaliMar after they secured a purchase agreement on the property using our Proof of Funds Letter. Because they were a repeat Client and part of our Preferred Investor Loan Program, we quickly underwrote and funded the transaction. Our loan funded 80% of the purchase and 100% of the renovations which equated to 70% of the completion value. The renovation funds will be held in an escrow account and disbursed to the Borrower over the course of the project. The loan was funded in less than 5 business days, and no appraisal was required.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender