La Mesa, CA
Single Family Residence
Residential Fix and Flip12/17/2020
TaliMar Financial is pleased to announce the funding of a $578,000 1st Trust Deed Hard Money Fix and Flip Loan secured on 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 upon construction progress.