San Diego, CA– TaliMar Financial is pleased to announce our most recent funding of an $800,000 Hard Money Bridge Loan secured on an Industrial Property in Lakeside, CA. The private money bridge loan was underwritten for 24 months with the option of extending the loan an additional 12 months.
The client originally reached out to TaliMar Financial seeking a short term bridge loan for the purchase of a single family home. The property had been used as a dog boarding facility but was heavily damaged in a fire.
Additionally, the zoning had been changed from residential to light industrial and therefore could not be rebuilt as a single family home.
Our Borrower specialized in buying light industrial lots in this specific market and used them as short term storage lots for contractors. Their plan was to demolish the existing home, level the lot into three separate storage areas, and install several storage areas. Once the property was improved and cash flowing, our client will refinance the property with an SBA loan.
The biggest hurdle on this transaction was the intended use. Our client showed us a history of buying similar types of properties. Additionally, we were able to increase the leverage on the loan by buying cross collateralizing the property with another property the borrower owned.
This transaction is another great example of how a hard money lender can provide a purchase bridge loan on a property type most other lenders would not fund.
About TaliMar Financial
TaliMar Financial is a San Diego hard money lender that specializes in funding residential and commercial Fix and Flip, Construction, and Bridge Loans. As a direct private money lender, we offer aggressive financing options and typically close our transactions in less than 7 business days. We work directly with real estate investors and property owners as well as real estate agents, mortgage brokers, and other real estate professionals.
Contact TaliMar today at (858) 242-4900 with your loan request or visit talimarfinancial.com to learn more about our hard money lending programs.
Up to 80% of Value
Purchase / Refinance
As Low as 3.875%
Interest Payments Available
Cash Out OK
Business Purpose Only
Up to 70% of Completion Value
12 – 24 months
Interest Only Payments
Single Family and Multi-Family
Business Purpose Only
The Preferred Borrower Account Program was designed for the real estate investor. The PBA Program offers real estate investors a secure source of capital for their real estate deals. By getting approved, investors will have access to a TaliMar Financial Letter of Credit, property specific Proof of Funds Letters, 5 Day Expedited closings, and our Wholesale Deal Marketplace.
The process of getting approved is simple. Apply today!