Purchase Bridge Loan for Rental Home Purchase in Escondido, California

In May 2021, TaliMar Financial funded a $350,000 bridge loan secured by a single-family home in Escondido, CA. The Borrower intends to complete a cosmetic update of the property and hold it as a long-term rental. This was officially the quickest close in TaliMar Financial’s history. The agent representing our Borrower reached out to us requesting immediate funding on a tight timeline. The original lender canceled the loan in the 11th hour, and the seller was not going to extend the contract. We were able to use the existing appraisal to confirm our internal valuation. The Borrower submitted their loan application on a Friday morning and we funded on the following Monday. The Borrower put down 30% cash at closing. Our loan funded 70% of the purchase price. The loan term is 12 months and there is no prepayment penalty. The Borrower plans to refinance with a conventional lender. This SFR bridge loan was funded in May 2021.