Deal Details
Private Loan Type
Refinance
Approx. Funding Date
03/23/2021
Property Type
Property City
La Mesa
Property State
CA
Loan Term (months)
36
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Value
70%
Term
3 years
Deal Summary
TaliMar Financial, a direct private lender in San Diego, funded a $538,000 private money refinance loan secured by a non-owner-occupied residential investment property in La Mesa, CA. The Borrower had purchased the property a year prior with the plan to hold it for long-term rental income. They had a private mortgage from another lender which was maturing, and that lender requested a large extension fee for a very short term, but the Borrower needed a longer-term solution.
TaliMar Financial offered a solution by paying off the other private lender and providing a 3-year loan term with No Prepayment Penalty. The loan amount was at 70% loan-to-value. Additionally, we did not require an appraisal and closed in 5 business days! This SFR private money loan was funded in March 2021.