Hard Money Fix and Flip Loan for SFR in La Mesa, California

Deal Details

Private Loan Type

Residential Fix and Flip

Approx. Funding Date

12/17/2020

Property Type

Single Family Residence

Property City

La Mesa

Property State

Lien Type

1st Trust Deed

Payment Type

Interest Only

Renovation Budget Funded

100%

Loan-to-After-Repair Value

70%

Deal Highlights

Biggest challenge: Tenant would be occupying the property at the time of purchase.

Deal Summary

TaliMar Financial is pleased to announce the funding of a $578,000 1st Trust Deed Hard Money Fix and Flip Loan secured by a single-family home in La Mesa, CA. The Borrower will complete a cosmetic update of the property before listing it for sale.

The biggest challenge on this project was a tenant would be occupying the property at the time of purchase. With new regulations regarding tenant evictions, many Lenders will refuse to lend on tenant-occupied properties. In this scenario, the client presented us with a tenant-signed agreement to vacate the property, and funds due to the seller at payoff were withheld until the tenant vacates.

Our hard money fix and flip loan funded 70% of the completion value and included funds for a portion of the purchase price and 100% of the renovation costs. The renovation funds will be disbursed to our client in five pre-approved draws based on construction progress. This SFR hard money fix and flip loan was funded in December 2020.