DIP/Priming Loan, Construction Completion, Broken Residential Development…Core Location
Where do we start with this recent closing? We started with a referring broker who saw opportunity and recognized the logical fit was with the experienced professionals at Seattle Funding Group. We started with a quality, unfinished residential development in a core, coastal location. We started with sponsors that had the character, integrity and persistence to struggle and keep their terrific project alive in spite of the severe turbulence into which it had fallen. We therefore started with capable sponsorship and compensating asset-related factors that greatly outweighed the long, uncertain road to court approval.
As a result, while some were still thinking about it, and others stood around talking about it, SFG simply did it. SFG’s professionals stepped-in, fully engaged and worked closely with the sponsors and their highly competent legal counsel. SFG recorded and closed the transaction six months and multiple court proceedings later. In doing so, we’ve provided the financing and horsepower necessary to complete, carry, maintain and market this quality, coastal in-fill project. When you require a private-money lender that will step-up and through the turbulence for your quality sponsors and their treasured real property assets, make the call to Seattle Funding Group.
Approximate LTV ratio: 21%