San Diego, CA

$466,350

Single Family Residence

Residential Rehab

03/25/2021
Transaction by
TaliMar Financial
San Diego, CA– TaliMar Financial is pleased to announce our most recent funding of a $466,350 Hard Money Fix and Hold Loan secured on a single family home in San Diego, CA. The Borrower intends to complete a cosmetic update before leasing it for long term income. Our Borrower approached TaliMar Financial seeking immediate funding of a hard money loan to close on the Subject property. The Client had been working with conventional financing to close, however, due to the condition of the property, the conventional lender denied the loan one week before close. After a quick review of the file, we structured a loan that include funds for both the purchase and renovation costs. The renovation will consist of modifying the floor plan to increase the bedroom count and split the top and bottom floor of the house into two separate units to increase the potential income. The renovation funds were placed in a 3rd party escrow account and will be be disbursed to the Borrower in five pre-determined draws. Obtaining conventional financing on a property in poor condition can be difficult. Many lenders do not want to take that risk, especially on the investment properties. As a result, many real estate investors must use a hard money lender that specializes in fix and flip and fix and hold loans. Once the property has been repaired, many Borrowers will refinance the hard money loan with a conventional bank loan.