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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
02/23/2021
Property Type
Property City
Riverside
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
65%
Debt Service Coverage Ratio
1
Exit Strategy
Refinance
Deal Summary
Talimar Financial, a direct lender in San Diego, funded a hard money cash-out refinance loan secured by 8 separate residential investment properties in Riverside, CA. The Borrower first approached TaliMar Financial with the loan request after conventional lenders turned them down. We quickly underwrote each property and the Borrower, then offered a loan structure that allowed the Borrower to pay off family members and then refinance each property individually. The loan was structured at 65% of the current market value with a 1:1 debt service coverage ratio (DSCR). The loan term was 24 months with specific release prices based upon a refinance or sale of each property in the portfolio. This hard money loan was funded in February 2021.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender