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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
02/02/2021
Property Type
Property City
San Diego
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget Funded
100%
Loan-to-After-Repair Value
70%
Borrower Credit Rating
Excellent
Deal Summary
In February 2021, TaliMar Financial funded a $148,000 Hard Money Fix & Flip Loan loan secured by a residential condominium unit in National City, CA. Our Borrower will complete a cosmetic update of the property before listing it for sale.
The Borrower first approached TaliMar Financial seeking a Proof of Funds letter for their offer. With our Proof of Funds letter and ability to close within 5 business days, their offer was accepted. Because the Borrower was pre-approved through our Preferred Borrower Account, we were able to
complete fund the hard money loan in a short time period.
Our hard money fix and flip loan was structured at 70% of completion value, and we funded 100% of the renovation costs. The renovation funds will be disbursed to the Borrower in 5 pre-determined draws.
Because TaliMar is a direct lender with years of experience in funding house flips, we were able to structure an aggressive loan for this project. Many hard money lenders and conventional lenders will not fund condominiums due to the perceived underwriting risk. This hard money fix and flip loan was funded in February 2021.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender