Recent Funding: $361,500 Hard Money Fix & Flip Loan in San Diego, CA

San Diego, CA – TaliMar Financial is pleased to announce our most recent funding of a $361,500 Fix and Flip loan secured in 1st position on a single-family home in San Diego, CA. Our client will complete a cosmetic update of the property and list it for sale.

The most interesting part of this transaction is that our Borrower intends to build an accessory dwelling unit (“ADU”). An ADU is either an attached or detached addition to an existing primary structure to allow for more living area. The ADU is built as a separate living unit so an owner can either rent the unit or have extended family members live in it. The addition of an ADU can significantly increase the value of the property.

Because ADU’s are a relatively new concept, many conventional lenders will not fund the renovations and therefore real estate investors must reliant on hard money lenders for the financing.

TaliMar Financial worked closely with the Borrower to structure a purchase and renovation loan that met their requirements. The hard money loan funded 80% of the purchase price and 100% of the renovation costs, which was 70% of the completed value. We did not require an appraisal and construction draws will be disbursed in five predetermined draws.