This sponsor focuses on high-end fix and flips in Pasadena’s best neighborhoods. They possess an excellent record of accomplishment and until recently, a long-standing banking relationship in support of their successful business plan. Unfortunately, the bank changed management and left the sponsors looking for financing alternatives. At the same time, they needed to close escrow quickly in order to maintain the below-market acquisition price on their next terrific project.
Understanding the situation, the referring broker, David B., made the call to Seattle Funding Group. Working closely with David, SFG quickly engaged the sponsor, assessed the situation and committed to meeting the much-abbreviated closing date. SFG provided 65% acquisition financing and a holdback to complete 100% of the proforma costs of the planned improvements, once approved and permitted by the city.
Special thanks to James Martin with Coldwell Banker’s Pasadena office. James was extremely helpful in identifying the best sales comps for both the as-is and as-completed values. In sharing his local market knowledge and providing a thorough and thoughtful Broker’s Opinion of Value, SFG was able to close quickly and meet the sponsor’s critical timing requirements. Professionals of James’ caliber are terrific resources when every day counts and SFG highly recommends James Martin!
