Ocean Beach, CA– TaliMar Financial is pleased to announce our most recent funding of a $1,143,100 Fix and Hold hard money loan secured on a single-family home in Ocean Beach, CA. Our client will complete a cosmetic renovation and hold the property as a vacation rental.
Our hard money fix and hold loan included funds for both the purchase and 100% of the renovation costs. The loan was underwritten to the completion value. The renovation funds will be disbursed to the Borrower over seven draws based upon pre-approved construction hurdles.
The biggest hurdle in this transaction was the current condition of the property and the existing tenant. We were able to underwrite to the condition knowing the Borrower was intending to renovate the property and their prior experience completing similar projects. Additionally, they had the tenant agree in writing prior to close to vacate the property within 30 days of close.
Hard money vacation rental loans have become very popular in urban markets such as San Diego, Orange County, Los Angeles, and San Francisco. Many real estate investors use hard money lenders to obtain funding to fix and hold loans to purchase and renovate single-family and multi-family properties. Once the renovations are complete and the Borrower establishes 6 to 12 months of historical income, they are able to refinance the hard money vacation rental loan with conventional bank financing.
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.