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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/02/2021
Property Type
Property City
San Diego
Property State
CA
Loan Term (months)
18
Lien Type
1st Trust Deed
Payment Type
Interest Only
Purchase Price
$1,228,500
Loan-to-Purchase Price
75%
Borrower's Contribution to Purchase
25%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Tenant-Occupied
Number of Units
1
Exit Strategy
Conventional Loan
Deal Summary
In March 2021, TaliMar Financial funded an $860,000 1st mortgage bridge loan secured by a condominium in San Diego, CA. The loan was referred to us by a mortgage broker after their original conventional lender was not going to be able to close on time. The Borrower had removed loan contingencies and the seller had multiple backup offers so the Borrower decided to fund a short-term purchase bridge loan. With a quick call between the mortgage broker and Borrower, we structured a loan that met the requirements of the Borrower and closed in less than 5 business days. The mortgage broker, the Borrower, the seller, and both agents were extremely appreciative of our last minute efforts to get the transaction closed. The Borrower put down 25% cash, and our loan funded 75% of the purchase price with an 18-month term. We required no appraisal and requested minimal documentation. The client intends to refinance the bridge loan with conventional bank financing.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender