SFG provided this bridge acquisition financing for a duplex two blocks from the sand in Manhattan Beach. Given the market strength and demand for property in this terrific LA area beach community, there’s not a lot more that needs to be stated, but we will anyways! Experienced sponsor, good credit, reasonable remaining liquidity after the cash down, under-rented units needing a little TLC and attention…that pretty much sums it up. Do this value-add deal at 70% of present value!
The common denominator throughout most of the posted Success Stories in SFG’s voluminous Deal Gallery is the excellent location. While our underwriters certainly dig deeper than that as they evaluate and consider sponsorship, asset condition, the numbers and exit strategies, among other factors, SFG tends to focus on core, large market properties, of which LA’s Westside is prototypical for the CA Branch.
SFG thanks the trio that assisted in the process of establishing value – Mickey Hedges of Coldwell Banker Previews International, Robb Stroyke of Stroyke Properties in Manhattan Beach, and Major Appraisals of Culver City, whose in depth familiarity with LA’s Westside is equal to their responsiveness. Capable sponsor, solid value, superb location…simple deal.
