San Diego, CA
Single Family Residence
In November 2020, TaliMar Financial funded a $701,500 bridge loan secured in 1st position on a single family home with an Accessory Dwelling Unit (ADU) in San Diego, California. The purpose of the loan was to pay off a construction loan that was nearing maturity. The Borrower had completed the renovation of the existing house and built the accessory dwelling unit. Both were fully leased at the time of our closing. The Borrower intends to hold the property as a long term rental property and will obtain conventional financing as the eventual exit to our hard money bridge loan. The biggest hurdle on this transaction was the lack of comparable sales that were in similar condition and included an accessory dwelling unit. Instead of utilizing just comparable sales in our valuation, we considered the income generated from the property for our loan approval.