San Diego, CA – TaliMar Financial, a Pacific Beach Hard Money Lender, is pleased to announce our most recent funding of a $1,027,500 Fix and Hold loan secured on a single-family home in Pacific Beach, CA. The Borrower will complete a cosmetic update of the property and add a separate accessory dwelling unit (ADU), to the rear of the property.
The Private Money Fix and Hold loan funded 85% of the purchase and 100% of the renovation costs. The renovation funds will be disbursed to the borrower over the course of the renovation. The loan was approved with minimal documentation and no appraisal requirement.
Once the Borrower completes the addition of the Accessory Dwelling Unit, they will obtain permanent 30 Year Rental Property financing and hold for cashflow.
The biggest hurdle on this transaction is that the addition of an accessory dwelling unit. Many building departments through California have different requirements for adding an accessory dwelling unit. As a result, our underwriting team must quickly research the regulations for each building jurisdiction to ensure the proposed improvements would be approved.
Pacific Beach is a beach community located 20 minutes north of downtown San Diego. The community has quickly evolved from a sleepy beach community to an exclusive neighborhood with a mix and multi-million dollar homes, apartments, restaurants, and the award-winning beach.
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) 613-0111 with your loan request or visit talimarfinancial.com to learn more about our hard money lending programs.