Rancho Bernardo, CA
Single Family Residence
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 on 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.