Seattle Funding Group finances comparatively few unimproved land transactions, particularly during this COVID-inspired downdraft. Those which we are closing involve a compelling mix of excellent, infill location, significant progress toward development or permit approvals, low leverage and solid, experienced sponsorship.
All those elements were present on this 21,000 s.f. La Jolla property, including a Coastal Development Permit (CDP) for a mixed-use project with 26 residential (for rent) units and ground floor commercial.
SFG of CA finances many properties and projects in California’s Coastal band, we know La Jolla quite well, and had placed financing on this property for the prior owner. SFG quickly overcame such issues as existing environmental conditions, foreign sponsorship and capital sources, and no repayment guaranty on a land loan. And we closed within 16 days of a signed LOI.
Capital at the Speed of Business…even on land loans.
