Fix and Flip Loan for SFR in North Hollywood, California

TaliMar Financial, a direct hard money lender, funded a $734,000 Fix and Flip loan for a single-family home rehab project in North Hollywood, CA. Our Client will complete a cosmetic update of the property before relisting it for sale. The biggest hurdle in this transaction was the time to close. The Seller accepted our Borrower’s offer assuming a 5-day close with no appraisal contingency. Once notified, our underwriting team got to work quickly completing the review process. Because the Borrower was quick to submit their diligence material, we approved the loan in 24 hours and met their short closing time frame. The Borrower contributed a good amount of cash for the purchase, and we funded 100% of the renovation budget. The renovation funds will be disbursed over the course of the project which should take around 6 to 9 months to complete. This SFR fix & flip loan was funded in June 2021.