Cash-Out Bridge Loan for SFR Rental in Chula Vista, California

TaliMar Financial, a direct hard money lender based in San Diego, recently funded a $900,000 bridge loan secured by a single-family rental home in Chula Vista, CA. The repeat Borrower approached us with a request to cash out equity on their investment property, which will be used to purchase another rental property. They had purchased the subject property years prior and were holding it as a long-term rental. When a new investment opportunity appeared, they needed to quickly tap the equity in the house to purchase the new property. The loan was structured at 70% of the current value, and we did not require a formal appraisal. The Borrower provided us with financial statements and a copy of the existing lease. We approved the loan and closed in 3 business days. This refinance bridge loan was funded in June 2021.