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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
01/05/2021
Property Type
Property City
Los Angeles
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget Funded
100%
Property Neighborhood
Vermont Square
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Deal Summary
TaliMar Financial funded a $647,500 1st lien position fix and flip loan for a single-family home in the Vermont Square neighborhood of Los Angeles, CA. The property investor will complete a cosmetic update of the property and then re-list it for sale. We assisted with purchasing this investment property by first issuing a Proof of Funds letter. The POF Letter was included in their offer, and after a call with the listing agent, the seller accepted the offer. We closed 5 days later. No appraisal was required. The loan was structured to include funds for the purchase and 100% of the renovation costs. The renovation funds will be disbursed to the Borrower in five pre-determined draws. After the renovations are completed, the value is expected to be around $925,000. The loan term is 12 months. This SFR fix and flip loan was funded in January 2021.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender