Encinitas, CA




Transaction by
TaliMar Financial
TaliMar Financial is pleased to announce the funding of a $807,000 1st TD hard money bridge loan in Encinitas, CA, secured on a condominium. Our client will hold the property as a rental for long term cashflow. The client 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. 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 credit strength and with a large down payment, TaliMar Financial approved and closed the loan in 5 business days. The loan was underwritten to 70% of current value (purchase price) with a term of 36 months. We did not require an appraisal. We approved and funded the loan with 7 days with minimal borrower paperwork. The Borrower will refinance our bridge loan with conventional financing. 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 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.