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Deal Details
Private Loan Type
Residential Fix and Flip
Approx. Funding Date
03/12/2021
Property Type
Property City
San Diego
Property State
CA
Lien Type
1st Mortgage
Payment Type
Interest Only
Renovation Budget Funded
100%
Loan-to-After-Repair Value
70%
Deal Summary
TaliMar Financial funded a $638,000 Fix and Flip loan secured by a single-family house in San Diego, CA. The Borrower plans to complete a cosmetic update of the property before listing it for sale.
This was another successful example of our client using our Preferred Borrower Program to get their offer accepted utilizing our Proof of Funds letter and then closing within 5 business days. No appraisal was required.
The renovations will include replacing the kitchen and bathrooms, installing new windows and flooring, and repainting the interior and exterior. The floor plan will be updated to open the kitchen area to the living room. The landscaping will be replaced to offer more curb appeal. The renovations will take 4 to 6 months.
The loan was underwritten to 70% of the completion value and included funds for the purchase and 100% of the renovation budget. The renovation funds will be disbursed to the borrower in 5 draws. This fix & flip loan was funded in March 2021.
Funded By
TaliMar Financial
California's Trusted Hard Money Lender