San Diego, CA
Single Family Residence
Residential Fix and Flip04/13/2021
TaliMar Financial is pleased to announce the funding of a $420,000 Hard Money Fix and Flip loan secured on a Single Family Home in San Diego, CA. The Borrower, a real estate investor, intends to complete a full interior and exterior renovation of the property before listing it for sale. The biggest hurdle on this transaction was that our Borrower was purchasing the property with a Notice of Pending Administrative Action, also known as a “red tag,” recorded on the property. The notice required the existing owner to either remove an unpermitted addition or submit plans to have it approved by the City. Because the current owner was not in a position to correct the issue and our client had substantial experience getting additions approved, our client purchased the property with the enforcement action lien. Most Hard Money Lenders would not lend on a Single Family Home with an existing enforcement action because of the additional risk that it could not be corrected. TaliMar Financial worked with the Borrower to understand the issue and was able to fund the Hard Money Fix and Flip Loan because of the Borrower’s prior experience with illegal additions. TaliMar Financial structured an aggressive Hard Money Fix and Flip Loan, also known as a Hard Money Renovation Loan, to fund the purchase and renovation costs. The Renovation Funds will be disbursed to the Borrower over the course of the renovation.