San Diego, CA

$636,000

Single Family Residence

Residential Rehab

03/18/2021
Transaction by
TaliMar Financial
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 a 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 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 upon 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.