San Diego, CA– TaliMar Financial is pleased to announce our most recent funding of a $466,350 Hard Money Fix and Hold Loan secured on a single-family home in San Diego, CA. The Borrower intends to complete a cosmetic update before leasing it for long-term income.
Our Borrower approached TaliMar Financial seeking immediate funding of a hard money loan to close on the Subject Property. The Client had been working with conventional financing to close, however, due to the condition of the property, the conventional lender denied the loan one week before close. After a quick review of the file, we structured a loan that includes funds for both the purchase and renovation costs.
The renovation will consist of modifying the floor plan to increase the bedroom count and split the top and bottom floor of the house into two separate units to increase the potential income. The renovation funds were
placed in a 3rd party escrow account and will be disbursed to the Borrower in five pre-determined draws.
Obtaining conventional financing on a property in poor condition can be difficult. Many lenders do not want to take that risk, especially on investment properties. As a result, many real estate investors must use a
hard money lender that specializes in fix and flip and fix and hold loans. Once the property has been repaired, many Borrowers will refinance the hard money loan with a conventional bank loan.
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.