San Diego, CA– TaliMar Financial is pleased to announce our most recent funding of a $701,500 Hard Money Bridge Loan secured in 1st position on a single family home with an Accessory Dwelling Unit (ADU) in San Diego, CA.
The purpose of the loan was to pay off a construction loan that was nearing maturity. The Borrower had completed the renovation of the existing house and built the accessory dwelling unit. Both were fully leased at the time of our closing. The Borrower intends to hold the property as a long term rental property and will obtain conventional financing as the eventual exit to our hard money bridge loan.
The biggest hurdle on this transaction was the lack of comparable sales that were in similar condition and included an accessory dwelling unit. Instead of utilizing just comparable sales in our valuation, we considered the income generated from the property for our loan approval.
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.