SFG closed this spec SFR construction loan for a foreign national acting as his own GC during the COVID epidemic. Located on a hillside lot with a terrific northerly view of the Napa Valley, this property was located in a burn area, and the prior house was lost during the epic 2017 conflagration. Ironically, another large fire broke out on the day of the property inspection. One hillside to the north, the smoke was heavy, and ultimately, the new blaze (LNU Complex) delayed the closing as builder’s risk coverage was not available for a brief period and throughout a wide area of Northern CA. Still, this new construction loan closed in 39 days from receipt of the signed LOI.
For 32 years, SFG has never stopped funding. And we did our utmost to timely close this loan notwithstanding the fire and insurance delays. In that regard, we thank Michael Harvey of Cavignac & Associates of San Diego. Michael worked diligently to monitor conditions and quickly access coverage before it was widely available. Capital at the Speed of Business, with an assist by Michael at Cavignac!
