Seattle Funding Group of California provided acquisition financing for this hillside lot located in the coveted Bird Streets neighborhood of the West Hollywood Hills. The lot was purchased with approved plans, and all required permits had been issued for a contemporary, 4,400 s.f. spec home, which was designed to meet the demands of the Bird Streets’ buyers and the small, steep lot.
SFG of CA also provides spec residential construction financing, and the lot acquisition loan was made as what we hoped would be the first element in a two-part financing package. As with all such lot acquisition loans, SFG of CA could not commit to the subsequent construction element until the underwriting on that portion had been completed, but we were able to respond quickly to the short-fused closing while positioning to save the sponsor money should the acquisition loan ultimately roll into a larger, construction loan. SFG of CA thanks Mickey Hedges of Coldwell Banker Previews International for his assistance on the value element of the underwriting. While SFG requires pre or post-closing appraisals, depending upon the circumstances, we also rely upon experienced local sales professionals to drill down on market conditions, demands and values within the many submarkets of the Western US in which SFG is active.
