San Diego, CA– TaliMar Financial, a San Diego Hard Money Lender, is pleased to announce our most recent funding of a $313,250 Hard Money Fix and Hold loan secured on Single Family Home in San Diego, CA. The Borrower intends to complete a cosmetic renovation, which will include building an accessory dwelling unit (“ADU”) and hold it as a long-term rental.
The loan term was written for 24 months which will allow the Borrower enough time to obtain building plan approval for the renovations on the existing single family home and accessory dwelling unit. Once completed, the Borrower will need to lease the property and establish income before refinancing into a longer-term 30-year rental loan.
Building accessory dwelling units on single-family homes in San Diego, CA has been a popular option for real estate investors that flip homes. The City of San Diego has loosened its restrictions on the approval for accessory dwelling units and plan to expedite the building permit process.
The biggest hurdle with accessory dwelling units for San Diego Private Money Lenders is the finished value. There are typically very few single-family homes with accessory dwelling units sold because the concept is relatively new. Many San Diego Hard Money Lenders need to consider blended valuation which includes considering an income approach and recently sale comp approach.
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.