Purchase Bridge Loan for San Diego County Condominium in Encinitas, California

Funded by TaliMar Financial

$807,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

01/12/2021

Property Type
Condominium
Property City

Encinitas

Property State

CA

Loan Term (months)

36

Lien Type

1st Trust Deed

Payment Type

Interest Only

Purchase Price

$1,152,800

Loan-to-Purchase Price

70%

Borrower's Contribution to Purchase

30%

Source of Borrower's Contribution

Cash

Term

3 years

Location Type

Suburban

Property Condition

Excellent

Borrower's Plan

Long-Term Rental

Exit Strategy

Refinance

Deal Highlights

We did not require an appraisal.
TaliMar Financial approved and closed the loan in 5 business days w/ minimal Borrower paperwork.
Biggest hurdle in this transaction was the HOA in litigation with an outside 3rd party.

Deal Summary

TaliMar Financial funded an $807,000 bridge loan in 1st lien position secured by a condominium in Encinitas, San Diego County, California. The loan was underwritten to 70% of the current value (purchase price) with a term of 36 months. We did not require an appraisal. We approved and funded the loan within 7 days with minimal Borrower paperwork. The Borrower will refinance our bridge loan with conventional financing. They plan to hold the property as a rental for long-term cash flow. The biggest hurdle in this transaction was the HOA was in litigation with an outside 3rd party. Because of the risk associated with the litigation, most lenders were unwilling to fund the purchase loan. After reviewing the Borrower’s credit strength and with a large down payment, TaliMar Financial approved and closed the loan in 5 business days. The Borrower was referred to us by our mortgage broker community after the conventional lender was unable to get the loan approved. Because the mortgage broker and Borrower weren’t familiar with the hard money loan process, we worked closely with each party to ensure a smooth transaction. One of the biggest initiatives for TaliMar Financial in 2021 is educating real estate agents and mortgage brokers about the hard money lending approval process. Unlike conventional lenders, hard money lenders rely more heavily on the Borrower’s equity in the property vs their credit or cash flow. As long as the Borrower can demonstrate the ability to pay and have a clear path to repayment, hard money can be a great option to purchase or refinance a property. This bridge loan was funded in January 2021.

Funded By

TaliMar Financial

California's Trusted Hard Money Lender