Los Angeles, CA
Single Family Residence
Residential Fix and Flip01/05/2021
In January 2021, TaliMar Financial funded a $647,500 1st 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.