Seattle Funding Group had earlier financed the acquisition of this older house located in one of San Diego’s finest bay-front communities. It was purchased as a fix and flip, and after closing, the Borrower elected to modify its original plan to expand the building footprint, including the addition of a new master suite below a new deck designed to take advantage of the terrific views.
After securing the necessary city approvals for the addition and improvements, SFG increased the loan amount in order to finance the construction costs.
The request had all the components important to SFG’s lending models, including an excellent location, experienced sponsorship, low loan exposure (LTV) and a sensible plan necessary to affect a fast and profitable fix and flip.
