This repeat borrower returned for construction financing on their newest residential project, a terrific spec SFR in an upscale, gated community in the Clancy Lane neighborhood of Rancho Mirage. The 5,170 s.f. spec was well-designed for desert living, with 4 BR and 4.5 BA, an ADU, a 3-car garage, and the requisite South-facing, view-oriented backyard with pool and spa. The leverage was low at 55% ACV, and combined with heavily invested, experienced sponsorship, it was right over the plate for Seattle Funding Group’s durable lending model.
Responding promptly to SFG’s requests for information/deliverables, this loan closed in less than 30-days from receipt of the signed LOI. That’s moving quite responsively for a ground-up construction loan, particularly given current market conditions, coupled with a loss of priority…this was a construction completion loan and necessitated more comprehensive sponsorship underwriting by SFG and the title company for the required mechanic’s lien indemnity and protections.
A big shout-out and special thanks to The Team at First American Title’s SoCal Homebuilder Division in San Diego. Highly responsive and professional, First Am remains SFG’s go-to when loss of priority requires exceptional service and elevated endorsements. Our long-standing relationship was built with SFG’s quality loan transactions and First Am’s solutions on both the title and escrow sides.
As an unleveraged, fund-based lender, Seattle Funding Group is always in the market for quality construction loans, and when the financing opportunity warrants, provides Real Estate Capital at the Speed of Business …through all market conditions.
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