Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
12/08/2020
Property Type
Property City
San Diego
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget Funded
100%
Loan-to-After-Repair Value
70%
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Deal Summary
In December 2020, TaliMar Financial funded a $740,000 Fix and Hold loan in the College Area of San Diego, CA. Our Borrower reached out requesting a loan that would fund the purchase and renovation costs as well as close within 5 business days. We quickly issued our term sheet, met the Borrower at the property for a site visit, completed the underwriting, and closed within that period of time.
Our loan funded 70% of the completion value, which was 80% of the purchase price, and 100% of renovation costs. The renovation funds will be disbursed to the Borrower over six agreed draws. The term of the loan was 12 months and included an extension option. The exit strategy will be a refinance once the renovations are complete and the property has been leased. The property will be rented as student housing for the universities nearby.