)
Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/04/2021
Property Type
Property City
San Diego
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Renovation Budget Funded
100%
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Deal Summary
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 into additional bedrooms.
The Borrower put down 20% cash at closing. TaliMar funded 80% of the purchase price and 100% of the renovation costs. The renovation 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.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender