San Diego, CA– TaliMar Financial is pleased to announce our most recent funding of a $445,900 hard money accessory dwelling unit loan is secured in 1st position on a single-family home in La Mesa, CA. The Borrower intends to update the existing home and convert the detached garage into an Accessory Dwelling Unit (ADU). They will then decide to either refinance our hard money loan with conventional financing or sell the property.
Our Hard Money Accessory Dwelling Unit loan funded a portion of the purchase and 100% of the construction costs. The construction funds will be disbursed to the Borrower over the course of the renovation.
Building an ADU has become a very popular option for people who are buying or currently own residential investment properties. Many cities in California is suffering from massive housing shortages and as a result, they have begun to loosen their requirements on ADU’s.
The most difficult part of funding ADU’s is the lack of comparable sales in the market. In many cases, we utilize an income approach on these projects and compare future income to debt service. This approach is very different from the typical comparable sales analysis which relies heavily on price per square
foot and property features / conditions.
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.
Check out our hard money loan programs by clicking here.
Contact TaliMar today at (858) 613-0111 with your loan request or visit talimarfinancial.com to learn more about our hard money lending programs.