The sponsor is a highly experienced general contractor focused primarily on fee construction of commercial, hospitality and multifamily projects throughout CA. SFG had the opportunity to work with his firm as the fee builder of an 8-unit townhome project in Coastal Carlsbad, and we experienced first-hand their attention to schedule, budget, detail and process. We were impressed.
Therefore, when we were approached to finance construction of this spec residential estate being developed for his own account and profit, Seattle Funding Group was immediately interested. We knew the sponsor to more than capable, the coastal location was ideal and the design was simply superb. The contemporary style was well-suited for the large lot, the home was oriented toward the ocean view and prevailing winds, and it included a large, single-level main house, a 1,200 sf ADU, three garages for 8 cars and a large free-standing game room or office.
Brought to SFG during the pandemic, the sponsor and professional broker were highly responsive in providing the data required to quickly underwrite the request. As a result, SFG closed this construction loan 29 days after receipt of the signed LOI, this in spite of the fact that we lost over 10 days due to a previously overlooked easement and access issue.
Special thanks to Scott Honnen of Willis Allen Real Estate in Rancho Santa Fe. We have known Scott for decades, during which time he has been extremely active representing both buyers and sellers of high-end, Coastal North County residential real estate. Scott was able to assist in identifying the best sales comps for this unusual estate, analyzing value and helping SFG check this critical box and close prior to receipt of the appraisal, a task with which Scott has been helpful many times over the years. SFG highly recommends Scott for the sale and purchase of Coastal North County homes.
Closing a construction loan in 29 days during the pandemic and with a significant delay to settle access issues…that’s truly Capital at the Speed of Business!
