Student Housing Fix and Hold Loan in San Diego, California

Deal Details

Private Loan Type

Residential Rehab

Approx. Funding Date

12/08/2020

Property Type

Student Housing

Property City

San Diego

Property State

Loan Term (months)

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 Highlights

70% of the completion value, which was 80% of the purchase price, & 100% of renovation costs.

The term of the loan was 12 months and included an extension option.

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.