Private Money Bridge Loan for SFR in Escondido, California

Funded by TaliMar Financial

$799,500

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

03/19/2021

Property Type
Single Family Residence
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 Highlights

NO Appraisal Required.

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.

Funded By

TaliMar Financial

California's Trusted Hard Money Lender