Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/19/2021
Property Type
Property City
Escondido
Property State
CA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Number of Units
1
Exit Strategy
Sale
Deal Summary
TaliMar Financial is pleased to announce the funding of a $799,500 Hard Money Bridge Loan in Escondido, CA. The funds were used to purchase an SFR property. The Borrower was referred to us by a San Diego mortgage broker who suggested using hard money for the purchase. The Borrower had secured the property under contract with an option to purchase. They were planning to use conventional financing on the purchase, but because they could not claim the property as their primary residence, they were having difficulty getting approved for a purchase loan. TaliMar funded 70% of the purchase price for a term of 12 months and did not require an appraisal. The Borrower intends to list the property for sale once the renovations are complete. This SFR private money loan was funded in March 2021.