Single Family Residence
Equity Cash Out11/10/2020
Cardiff, CA – TaliMar Financial is pleased to announce our funding of a $380,000 Hard Money Bridge Loan secured in 2nd Position on a single family rental in Cardiff, CA. The Borrower was seeking a short term bridge loan to fund the renovation of several other rentals he currently owns. Our client originally purchased the property three years ago. They obtained building plan approval to increase the size of the property and add an accessory dwelling unit (ADU). The ADU will increase the income of the property by a third. The biggest hurdle real estate investors have when obtaining conventional or hard money financing for rental properties with an accessory dwelling unit (ADU) is to establish value. There is typically a lack of comparable sales of similar properties which requires lenders to use an income approach. TaliMar Financial works closely with our Borrowers who own properties with additional living units to establish value by using both comparable sales and an income approach.