San Diego, CA
Single Family Residence
In March 2021, TaliMar Financial funded of a $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. Because the Borrower had removed loan contingencies and the seller had multiple back up offers, 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.