Recent Funding: $600,000 Hard Money Student Housing Bridge Loan

San Diego, CA– TaliMar Financial is pleased to announce our most recent funding of a $600,000 Fix and Hold Loan secured on a single-family home in San Diego, CA. Our client will complete a cosmetic renovation of the property and hold it as a student housing rental.

The Borrower reached out to TaliMar Financial seeking a purchase and renovation loan. Based upon the Borrowers experience, we funded a hard money Fix and Hold loan that funded 80% of the purchase and 100% of the renovation costs, totaling 70% of the completion value.

The Borrower intends to renovate the existing dwelling and convert the garage to an Accessory Dwelling Unit (ADU). Due to the allowances offered by the City of San Diego, the property has no parking requirements. The Borrower will market the single family home to students at San Diego State University.

The biggest hurdle on this transaction was the lack of comparable sales. Very few properties were sold with an accessory dwelling unit and in the condition of the Subject property once the renovations are complete. As a result, we used a blended cash flow income and comparable sales approach to come to a valuation.

The exit strategy on this transaction is once the renovations are complete and the Borrower shows income from rents, they will refinance our hard money fix and hold loan with conventional financing.