$400,000 Fix and Hold Loan for Multifamily Property in North Park, California

TaliMar Financial is pleased to announce our funding of a $400,000 Fix and Hold Loan secured on a 5-unit multifamily property in North Park, CA. The Borrower will use the funds to update the property.

The Borrower was referred to TaliMar Financial after several banks rejected their original loan request due to the condition of the property. As a hard money lender, TaliMar Financial didn’t view the transaction as a risky loan but rather as an opportunity that simply needed the right loan structure.

When the Borrower originally brought the transaction to TaliMar, four of the five units were vacant and in mid-renovation. The client was planning to use their own funds to complete the renovations but had identified another opportunity. Instead of passing on that opportunity, they reached out to us to fund the capital improvements.

The biggest hurdle in this hard money loan transaction was the condition of the property. The units were demo’ed on the interior and were not habitable. The Borrower provided us with a detailed project budget and timeline that was reasonable to complete the renovations. The renovation funds were held back at close and will be disbursed to the Borrower over the course of the renovations. This multifamily bridge loan was funded in April 2021.