The Sponsor built a spec home in one of Coachella Valley’s most prestigious golf course communities – Bighorn in Palm Desert. The Guy Dreier designed home has the exciting, contemporary look that appeals to Bighorn’s high-end, vacation-home buyer. To view SFG’s open house click here. To view a listing for home click here.
Spec-building and construction financing at these price points always requires exhaustive analysis, perhaps never more so than in today’s economic climate. In that regard, the Sponsor carefully considered his timing and sizing strategies, measured twice and cut once (literally), ending up with a terrific, market-driven product. The Sponsor had earlier modified the architectural plans to downsize the square footage in response to the today’s buyer expectations.
Likewise, SFG carefully underwrote the request, allocating a great deal of time to due diligence on the plans, budget analysis, the general contractor, sub-market conditions, as-completed value and sponsorship. At the end of the day, all parties carefully weighed and balanced the project from every perspective…and advanced for the right reasons.
Combined, these transactions are an excellent example of SFG’s lending capabilities – providing $275,000 for redesign and carry, as well as $3.25m in high-end spec construction financing. SFG’s program flexibility does not exist with today’s private money lenders, and it is the reason that SFG remains the first call and the portfolio lender of choice for today’s experienced mortgage professionals.
Special thanks to Jacquie Burns of Bighorn Properties and Valery Neuman of Hom Sotheby’s International. for their in-depth knowledge of the sub-market and their valuable assistance in the valuation process.
