Some loans are so extraordinary that SFG can provide deal certainty during the first brief phone call, subject to validating representations and the condition of title.
This was such a loan. Everything was as represented, or better, and as a result, Seattle Funding Group was posted up, prepared to wire, and ready to close one week after the LOI was signed…Capital at the Speed of Business.
It ended up taking a total of 12 days, because the bank with the maturing construction loan required extra time to issue the payoff demand, but we are getting ahead of ourselves.
Two new, detached houses in a 3-house development, walkable to the Inn and Village of Rancho Santa Fe, one of San Diego County’s priciest communities – A “10” Location.
Excellent design, finishes and workmanship, with houses that truly meet the market– Terrific Asset.
The two houses are worth almost 3x the loan amount, and the best sales comp was the 3rd house in the development – Exceedingly Low Leverage.
A financially solid, forthcoming and highly cooperative sponsor with deep development experience, and who had paid close attention to the details – Impeccable Sponsorship.
The loan request was sized to retire the maturing construction financing, together with construction related costs and expenses – Conservative and Sensible Reason for the Borrow; No Overborrowing.
All required records, including lien releases and other development related paperwork, were immediately available and provided within a day, if not within hours, of Lender’s request – Well-Organized and Fully Prepared to Close.
Proof of payment and lien releases, the recent, prior house sale, and a strong balance sheet from the Sponsor, quickly overcame any loss of priority concerns from Lender and the title company – Clean Title and Full Mechanic’s Lien Coverage.
Sell one house and easily retire SFG’s loan – Solid Exit Strategy.
It truly was a pleasure to work with this sponsor, and to place another stellar, well-secured loan into SFG’s Portfolio and Family of Funds. We’d love to close 10 of these extraordinary loans each month, particularly when presented with cooperative, experienced sponsorship prepared to do what is required to close within 7 days!
Special thanks to Tom Norman of Beach City Builders located in Carlsbad, CA. In addition to building a terrific product (the subject houses), Tom knew to recommend Seattle Funding Group for a fast, no-nonsense bridge loan…Capital at the Speed of Business.
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