Hard Money Bridge Loan for SFR in Rancho Bernardo, California

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

10/27/2020

Property Type

Single Family Residence

Property City

Rancho Bernardo

Property State

Lien Type

1st Mortgage

Payment Type

Interest Only

Deal Highlights

Borrower’s original Mortgage Lender declined the loan 3 days prior to close.

Self-employed Borrower had credit issues (prior litigation) from a failed business venture.

We were able to structure a loan that met the requirements of the Borrower.

We funded in less than 3 business days and did not require an appraisal.

Deal Summary

In October 2020, TaliMar Financial funded a $350,000 1st Position Hard Money Rental Property Bridge Loan secured by a single-family home in Rancho Bernardo, near San Diego, CA. The Borrower funds were coming from a 1031 exchange resulting from the sale of another rental property the Borrower had jointly owned with a partner.

The Buyer Agent representing the Borrower was referred to TaliMar Financial after the Buyer’s original Mortgage Lender declined the loan 3 days prior to close. The hurdle in this transaction was the Borrower is self-employed and had some credit issues due to prior litigation resulting from a failed business venture.

Because TaliMar Financial is a direct hard money lender, we were able to structure a loan that met the requirements of the Borrower while funding in less than 3 business days. And because of the large down payment in this scenario, we did not require an appraisal.