This was a fairly straightforward non-owner, acquisition financing in Los Angeles, other than for the fact that it had to close in 7 days…and the sponsors had a few challenges. On the positive side, this large lot property was located in a highly-desirable neighborhood of Studio City, many of the 30’s vintage homes had already been demo’d and replaced or significantly remodeled, and the sponsors were very experienced. Solution: Grab the reins, tighten the acquisition financing down to 63% of purchase price, work on a Saturday meeting the clients, performing the site inspection and initiating the valuation process…and roll into Monday morning with Seattle Funding Group of California’s highly resourceful staff fully engaged. Result: Done deal…
Our continuing thanks to Mickey Hedges of Coldwell Banker Previews International. Mickey worked overtime researching comps and adding his local knowledge to the process of valuing the asset. SFG of CA appreciates the many real estate and third-party professionals throughout the Western regional US who play an integral role as part of our extended due diligence team. Through their local experience, willingness and forthcoming nature, they assist us to close quickly when the situation demands, and allow us to touch every base necessary to protect the capital within the SFG Family of Income Funds…for 27 years and counting.
