This recent closing speaks to the capabilities and capacities SFG brings to its highly valued brokers and their repeat clients – flexible, common sense underwriting.
SFG had previously provided construction completion financing for this builder/sponsor. Though the sponsor’s circumstances had changed subsequent to the closing of the earlier (first) transaction, SFG had an opportunity to work closely with the sponsor during the ensuing eighteen-month period. What we had experienced was a capable, quality builder who consistently performed throughout the construction completion and sales process. We made the necessary underwriting adjustments and issued the second round of financing for Phase II of this in-fill project.
At SFG’s core is a focus on quality loan product and portfolio performance. Due to the prior lending relationship and experience with the sponsor, SFG recognized their ability to perform and underwrote to allow for the changed circumstances. At the same time, we recognized, protected and rewarded the original broker as the procuring source.
Happy brokers, satisfied clients and performing loans…SFG’s stock in trade.
Follow-Up:
The next house isn’t even complete as of this writing, but it has already been put into escrow with a sizable deposit in support of a few buyer requested changes. Mickey Hedges of Coldwell Banker Previews sold the houses in Phase I, and this is the second house he has contracted long before it was completed. Mickey’s tenacity and follow-through have been great assets for buyers, builder and lender alike, and SFG appreciates the long-standing relationship with Mickey and the Team at CB Previews. In addition, we thank Ken Frank of Sun Financial Group as the procuring source and with whom SFG worked on the initial loan. With Phase III right around the corner, the project has proven to be a nice annuity for Ken who willingly rolled up his sleeves and earned every dollar.
