National City, CA – TaliMar Financial, a National City Hard Money Lender, is excited to announce the most recent funding of a $280,000 Hard Money Bridge Loan secured on a Single Family Home in National City, CA. The loan was originated by Brock VandenBerg.
The client approached TaliMar Financial seeking a short-term Bridge Loan to refinance an existing high rate hard money loan and 2nd position private money loan. The property was vacant and the Borrower was in building plan approval to add an Accessory Dwelling Unit (ADU). The Borrower anticipates refinancing the Hard Money Bridge Loan with a Construction Loan once the building plans are approved.
The biggest hurdle in this transaction was that the Subject property was vacant and the condition of the property was poor. We had to discount the valuation due to the condition of the property and base our valuation primarily on the land.
This loan was a great example of why real estate investors use hard money lenders like TaliMar Financial to fund their real estate investment loans. Because the Subject Property was in poor condition, the Borrower could not go to a conventional bank to get financing. Instead, they had to go to TaliMar Income Fund I, a Direct Hard Money Lender, to get their 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) 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!