Private Money 1st TD Student Housing Fix & Hold Loan for SFR in San Diego, California

TaliMar Financial is proud to announce the funding of a $636,000 Hard Money Student Housing Fix and Hold Loan secured on a single-family home. The Borrower intends to renovate the existing property and convert the garage into an Accessory Dwelling Unit (“ADU”). Once completed, the Borrower will lease the property as Student Housing.

The Borrower purchased the single-family home through a 1031 Exchange using a San Diego Private Money Loan funded by TaliMar Financial. The Hard Money San Diego Fix and Flip Loan was underwritten to 70% of the Completion Value.

The Renovation Funds will be held in a third-party fund control account and released to the Borrower over the course of the renovations. The predetermined draw schedule included 7 draws based on the progress of the renovations.

Funding a Hard Money 1031 Exchange Purchase Loan is an excellent option for a Borrower that needs to close quickly. Many conventional lenders take too long to fund a purchase loan which may jeopardize the closing. Additionally, many conventional lenders will not include additional construction funds for future improvements. This SFR private money loan was funded in March 2021.