Escondido, CA, CA
Single Family Residence
Residential Fix and Flip12/03/2020
Escondido, CA– TaliMar Financial is pleased to announce our most recent funding of a $350,000 Fix and Flip Hard Money loan secured in 1st position on a single-family home in Escondido, CA. The Borrower intends to complete a major renovation before listing the property for sale. The biggest hurdle in this transaction was that our client was purchasing the property from a real estate investment wholesaler. (Note: A real estate investment wholesaler is an investor that identifies real estate investment opportunities and either sells the purchase contract or purchases the property and immediately sells it to another party. The difficulty in working with a wholesaler is that the buyer typically needs to close quickly and the seller must be notified and approve the transaction). In this case, the seller was not going to approve the transaction, and therefore we double funded the purchase, once for the wholesaler and then our client. Our Fix and Flip Hard Money Loan funded the purchase and renovation costs of the project. Our client will modify the existing floor plan to allow for living space. The kitchen and bathrooms will be replaced and the exterior will be updated. Once completed, the property will have 4 bedrooms and 2 bathrooms, including a 1 bed and 1 bath accessory dwelling unit.