San Diego, CA
In March 2021, TaliMar Financial funded a $600,000 hard money loan for the purchase and rehab of a single family home in San Diego, CA. The Borrower contacted us seeking a short term loan with the intent to hold the property as a long term rental for student housing. The renovation project included updating the interior and exterior of the home and converting the garage to additional bedrooms. The Borrower put down 20% cash at closing. TaliMar funded 80% of the purchase price and 100% of the renovation costs. The renovations funds will be disbursed to the Borrower over five pre-determined draws. Once the renovations are complete and the property is stabilized, the Borrower will refinance with a conventional mortgage.