This small closing was a last-minute, essential addition to a much larger transaction. That larger transaction involved the time-sensitive closing of a 1031 exchange into two mature, stabilized self-storage facilities in California’s High Desert (Victorville & Barstow). Failure was not an option as the tax consequences would have been disastrous for this 800 FICO sponsor, so when the deal hit a speed bump with less than one week to go, all parties rolled up their sleeves to fashion a solution and attain the right collateral mix for the required leverage level. In the end, an $8.1m transaction boiled down to an immediate 60% loan on this Century City investment condo.
Special thanks, once again, to Mickey Hedges with Coldwell Banker Previews. With only days left, and on virtually no notice, Mickey met Seattle Funding Group of California’s underwriter in Century City to walk this condo, provided/reviewed the same complex sales and presented a solid BOV on the spot. SFG’s ability to quickly respond depends upon professionals such as Mickey and his experienced associates at Coldwell Banker Previews. Market conditions, trends and values vary widely in the numerous submarkets SFG of CA services throughout the Western Regional US. It’s simply not possible to remain a master of each submarket at all times, but when it comes to LA’s Westside, we’ve got our secret weapon – Mickey and the great depth of the real estate professionals at Coldwell Banker Previews. They keep us out of trouble when closing time-sensitive and pivotal transactions.
SFG of CA has the flexibility, funds and friends necessary to perform under pressure, and in this case, to defer the taxman to another day.
